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TGS Baltic Assists Clear Channel International BV with Organizing Due Diligence of Baltic Subsidiaries

TGS Baltic Assists Clear Channel International BV with Organizing Due Diligence of Baltic Subsidiaries

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TGS Baltic's Latvia office has assisted Clear Channel International BV with due diligence of Clear Channel's subsidiaries in Latvia, Estonia, and Lithuania.

Clear Channel International BV is an indirect, wholly-owned subsidiary of Clear Channel Outdoor Holdings Inc. TGS Baltic reports that it helped organize the due diligence process of Clear Channel International's Baltic subsidiaries "for the banks for the purposes of a private offering USD 125 million and issuance of USD 150 million in aggregate principal amount of 8.75% senior notes due 2020."

According to TGS Baltic, the notes "were issued as additional notes pursuant to the First Supplemental Indenture, dated as of August 14, 2017, among Clear Channel International, the Guarantors, and U.S. Bank National Association, as trustee, paying agent, registrar and transfer agent (the 'Trustee'). The Supplemental Indenture supplements the indenture, dated as of December 16, 2015, among Clear Channel International, the Guarantors, and the Trustee. The notes mature on December 15, 2020 and bear interest at a rate of 8.75% per annum."

The firm's work on the matter was led by Partner Andra Rubene, supported by Associate Rudolfs Vilsons. 

Image Source: clearchannelinternational.com

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