December 29, 2009 (FinancialWire) — Clear Channel Outdoor Holdings, Inc. (NYSE: CCO ) has closed an offering of $500 million aggregate principal amount of series A senior notes due 2017 and $2 billion aggregate principal amount of series B senior notes due 2017 by its indirect, wholly-owned subsidiary, Clear Channel Worldwide Holdings, Inc., a Nevada corporation.

Clear Channel Worldwide will loan the proceeds from the issuance and sale of the notes to CCOI, which in turn will use a portion of the net proceeds to repay approximately $2 billion aggregate principal amount of indebtedness owed to Clear Channel Communications.

San Antonio, Texas-based Clear Channel Outdoor Holdings is engaged in the out-of-home advertising industry. Clear Channel Worldwide, also headquartered in San Antonio, Texas, is an indirect, wholly-owned subsidiary of Clear Channel Outdoor Holdings that has no direct operations or operating assets.

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