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CCMO > SEC Filings for CCMO > Form 8-K on 8-Nov-2013All Recent SEC Filings

Show all filings for CC MEDIA HOLDINGS INC



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Item 8.01 Other Events

Clear Channel Outdoor Holdings, Inc. ("CCOH") is an indirect, non-wholly owned subsidiary of Clear Channel Communications, Inc. ("CCU"), which is an indirect, wholly owned subsidiary of CC Media Holdings, Inc. ("CCMH"). In accordance with the terms of the Stipulation of Settlement, dated July 8, 2013, among CCOH, a special litigation committee consisting of certain independent directors of CCOH, CCU and the other parties thereto, on November 8, 2013, CCOH (i) demanded repayment of $200 million outstanding under that certain Revolving Promissory Note dated November 10, 2005 (as amended by the First Amendment entered into on December 23, 2009 and the Second Amendment entered into on October 23, 2013), between CCU, as maker, and CCOH, as payee, and (ii) concurrently made a special cash dividend in an aggregate amount equal to $200 million (or $0.5578 per share) to its Class A and Class B stockholders of record at the close of business on November 5, 2013, including Clear Channel Holdings, Inc., an indirect subsidiary of CCMH, and CC Finco, LLC, an indirect subsidiary of CCMH. CCOH's Class A common stock is anticipated to go "Ex" the dividend of $0.5578 per share beginning on November 12, 2013, reflecting the payment of the dividend.

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