Clear Channel Outdoor Holdings Inc. (NYSE: CCO) announced April 13 that it obtained the required bondholder consent to amend indentures governing its outstanding senior secured notes.

The consent solicitation covered three series of notes totaling $2.915 billion in aggregate principal amount: $865 million of 7.875% notes due 2030, $1.15 billion of 7.125% notes due 2031, and $900 million of 7.500% notes due 2033.

According to information from D.F. King & Co. Inc., the tabulation agent, the company received the requisite consent from holders of each series of notes as of April 9. The company executed supplemental indentures with U.S. Bank Trust Company, National Association as trustee, making the amendments effective for each note series.

The consent solicitation relates to Clear Channel's previously announced merger agreement dated February 9 with Madison Parent Inc. and its subsidiary Madison Merger Sub Inc. Under the merger agreement, Madison Merger Sub will merge with Clear Channel, with Clear Channel surviving as a wholly owned subsidiary of Madison Parent.

The amendments will become operative immediately prior to the merger's completion. All holders of the senior secured notes will be bound by the amendment terms, regardless of whether they provided consent. If the merger agreement terminates and the transaction does not close, the amendments will automatically cease to be effective and no consent payments will be made.

J.P. Morgan Securities LLC and Goldman Sachs & Co. LLC served as solicitation agents for the consent process.