Clear Channel Outdoor Holdings, Inc.’s $350 Million Follow-On Offering


Davis Polk advised the joint book-running managers in connection with the $350 million SEC-registered follow-on offering of 100,000,000 shares of common stock of Clear Channel Outdoor Holdings, Inc.

Clear Channel Outdoor Holdings, Inc., based in San Antonio, Texas, is a global outdoor advertising company with billboards, street furniture displays, transit displays and other out-of-home advertising displays in markets around the world. Through its extensive inventory, Clear Channel Outdoor Holdings delivers marketing campaigns for a diverse range of advertisers, marketers, creatives and strategic partners.

Morgan Stanley, J.P. Morgan Barclays, Citigroup, Wells Fargo Securities, Barrington Research, BofA Merrill Lynch, Cowen, Credit Suisse, Deutsche Bank Securities, SunTrust Robinson Humphrey and Wolfe Capital Markets acted as underwriters on the deal.

The Davis Polk corporate team included partners Michael Kaplan (Picture) and Marcel Fausten and associates Dan Gibbons, Ryan Lewis and Thomas Chen. Partner Po Sit provided tax advice. The intellectual property and technology team included partner Pritesh P. Shah and associate S. Dream Montgomery. The environmental team included counsel David A. Zilberberg and associate Rachel Hoberman.

Involved fees earner: Thomas Chen – Davis Polk & Wardwell; Marcel Fausten – Davis Polk & Wardwell; Dan Gibbons – Davis Polk & Wardwell; Rachel Hoberman – Davis Polk & Wardwell; Michael Kaplan – Davis Polk & Wardwell; Ryan Lewis – Davis Polk & Wardwell; S. Dream Montgomery – Davis Polk & Wardwell; Pritesh P. Shah – Davis Polk & Wardwell; Po Sit – Davis Polk & Wardwell; David Zilberberg – Davis Polk & Wardwell;

Law Firms: Davis Polk & Wardwell;

Clients: Bank of America Securities; Barclays Capital ; Barrington Research Associates; Citigroup Global Markets Ltd; Cowen and Company; Credit Suisse; Deutsche Bank Securities; J.P. Morgan Securities LLC; Morgan Stanley; SunTrust Robinson Humphrey, Inc.; Wells Fargo Securities; Wolfe Capital Markets and Advisory;

Author: Ambrogio Visconti