Clear Channel Outdoor Prices Initial Public Offering.SAN ANTONIO -- Clear Channel Outdoor Holdings, Inc. (NYSE NYSE See: New York Stock Exchange :CCO (Chief or Corporate Compliance Officer) The executive person in charge of compliance issues, regulatory requirements, internal controls and managing audits within an enterprise or organization. ) and its parent company, Clear Channel Communications Not to be confused with clear channel radio stations, which are AM radio stations with certain technical parameters. Clear Channel Communications (NYSE: CCU) is a media conglomerate company based in the United States. , Inc. (NYSE:CCU CCU abbr. 1. coronary care unit 2. critical care unit CCU critical care unit. CCU Critical care unit, see there ), today announced the initial public offering of 35,000,000 shares of Class A common stock of Clear Channel Outdoor Holdings at a price of $18.00 per share, for a total offering of $630,000,000. Trading of Clear Channel Outdoor Holding's Class A common stock is expected to begin this morning on the New York Stock Exchange New York Stock Exchange (NYSE) World's largest marketplace for securities. The exchange began as an informal meeting of 24 men in 1792 on what is now Wall Street in New York City. under the ticker symbol Ticker Symbol An arrangement of characters (usually letters) representing a particular security listed on an exchange or otherwise traded publicly. When a company issues securities to the public marketplace, it selects an available ticker symbol for its securities which investors "CCO." All of the 35,000,000 shares of Class A common stock were sold by Clear Channel Outdoor Holdings. Clear Channel Outdoor Holdings intends to use all of the net proceeds Net Proceeds The amount received after all costs are deducted from the sale of a piece of property or security. Notes: In the case of an investor selling a security, net proceeds represent the proceeds from the sale minus any trading costs (i.e. commissions). of the offering to repay outstanding intercompany indebtedness owed by it to Clear Channel Communications. The offering was made through an underwriting syndicate led by Goldman, Sachs & Co. that acted as global coordinator and senior book-running manager. Deutsche Bank Securities Inc., J.P. Morgan Securities Inc., Merrill Lynch, Pierce, Fenner & Smith Incorporated and UBS UBS Union Bank of Switzerland UBS United Bible Societies UBS United Blood Services UBS United Buying Service UBS Used Bookstore UBS University Business Services UBS Universal Building Society (UK) UBS Ulaanbaatar Broadcasting System Securities LLC (Logical Link Control) See "LANs" under data link protocol. LLC - Logical Link Control acted as joint book-running managers for the offering. Banc of America Securities LLC, Bear, Stearns & Co., Inc., Credit Suisse First Boston Credit Suisse First Boston was originally the trading name of the Financière Crédit Suisse-First Boston, a London-based 50-50 investment banking joint venture formed in 1978 between the First Boston Corporation and Credit Suisse. , LLC and A.G. Edwards & Sons, Inc. acted as senior co-managers for the offering. Allen & Company LLC, Barrington Research Associates, Inc., Harris Nesbitt Corp., SunTrust Capital Markets, Inc., Wachovia Capital Markets, LLC, M.R. Beal & Company, a Limited Partnership, Muriel Siebert & Co., Inc. and Samuel A. Ramirez & Company, Inc. acted as junior co-managers for the offering. The 35,000,000 newly issued shares of Class A common stock represent approximately 10% of the combined total of shares of Class A common stock and Class B common stock outstanding immediately following the offering. Holders of Class A common stock are entitled to one vote per share while holders of Class B common stock are entitled to 20 votes per share on all matters voted on by stockholders. After the offering, Clear Channel Communications will own all of the outstanding shares of Class B common stock of Clear Channel Outdoor Holdings, representing approximately 99% of the total voting power of Clear Channel Outdoor Holdings' common stock immediately after the offering. A registration statement relating to the Class A common stock has been filed with and declared effective by the Securities and Exchange Commission. This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction. The offering of these securities will be made only by means of a prospectus. A copy of the final prospectus related to these securities may be obtained, when available, at www.sec.gov or by contacting: Goldman, Sachs & Co., 85 Broad Street, New York, NY 10004, Attention: Prospectus Department (212-902-1171). About Clear Channel Outdoor Holdings Clear Channel Outdoor Holdings, Inc. (NYSE:CCO), headquartered in San Antonio, Texas “San Antonio” redirects here. For other uses, see San Antonio (disambiguation). San Antonio is the second most populous city in Texas, the third most populous metropolitan area in Texas, and is the seventh most populous city in the United States. As of the 2006 U.S. , provides its clients with advertising opportunities through billboards, street furniture displays, transit displays and other out-of-home advertising displays that it owns or operates in key markets worldwide. About Clear Channel Communications Clear Channel Communications, Inc. (NYSE:CCU), headquartered in San Antonio, Texas, is a global leader in the out-of-home advertising industry with radio and television stations, outdoor displays and entertainment venues around the world. For further information about Clear Channel Outdoor Holdings Investors: Randy Palmer Senior Vice President of Investor Relations 210-832-3315 Media: Lisa Dollinger Chief Communications Officer 210-832-3474 or visit our corporate website at www.clearchanneloutdoor.com. |
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