Form: SC 13G/A

Schedule filed to report acquisition of beneficial ownership of 5% or more of a class of equity securities by passive investors and certain institutions

February 14, 2018

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

 

SCHEDULE 13G

Under the Securities Exchange Act of 1934

(Amendment No. 2)*

 

 

CLEAR CHANNEL OUTDOOR HOLDINGS, INC.

(Name of Issuer)

Class A Common Stock, $0.01 par value per share

(Title of Class of Securities)

18451C109

(CUSIP Number)

December 31, 2017

(Date of Event Which Requires Filing of this Statement)

 

 

Check the appropriate box to designate the rule pursuant to which this Schedule is filed:

☐ Rule 13d-1(b)

☒ Rule 13d-1(c)

☐ Rule 13d-1(d)

 

* The remainder of this cover page shall be filled out for a reporting person’s initial filing on this form with respect to the subject class of securities, and for any subsequent amendment containing information which would alter disclosures provided in a prior cover page.

The information required on the remainder of this cover page shall not be deemed to be “filed” for the purpose of Section 18 of the Securities Exchange Act of 1934 (“Act”) or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act (however, see the Notes).

 

 

 

13G

 

CUSIP No. 18451C109    Page 2 of 17

 

  1.   

Name of reporting persons:

 

GSO Special Situations Master Fund LP
  2.  

Check the appropriate box if a member of a group

 

(a)  ☐        (b)  ☒
  3.  

SEC use only

 
  4.  

Citizenship or place of organization:

 

Cayman Islands, British West Indies

Number of

shares

beneficially

owned by

each

reporting

person

with

    5.    

Sole voting power:

 

0
   6.   

Shared voting power:

 

0
   7.   

Sole dispositive power:

 

0
   8.   

Shared dispositive power:

 

0
  9.  

Aggregate amount beneficially owned by each reporting person:

 

0
10.  

Check Box if the aggregate amount in Row (9) excludes certain shares (see instructions)

 

☐
11.  

Percent of class represented by amount in Row (9):

 

0%
12.  

Type of reporting person (see instructions):

 

PN

13G

 

CUSIP No. 18451C109    Page 3 of 17

 

  1.   

Name of reporting persons:

 

GSO Capital Partners LP
  2.  

Check the appropriate box if a member of a group

 

(a)  ☐        (b)  ☒
  3.  

SEC use only

 
  4.  

Citizenship or place of organization:

 

Delaware

Number of

shares

beneficially

owned by

each

reporting

person

with

    5.    

Sole voting power:

 

418,065
   6.   

Shared voting power:

 

0
   7.   

Sole dispositive power:

 

418,065
   8.   

Shared dispositive power:

 

0
  9.  

Aggregate amount beneficially owned by each reporting person:

 

418,065
10.  

Check Box if the aggregate amount in Row (9) excludes certain shares (see instructions)

 

☐
11.  

Percent of class represented by amount in Row (9):

 

0.9%
12.  

Type of reporting person (see instructions):

 

PN

13G

 

CUSIP No. 18451C109    Page 4 of 17

 

  1.   

Name of reporting persons:

 

GSO Advisor Holdings L.L.C.
  2.  

Check the appropriate box if a member of a group

 

(a)  ☐        (b)  ☒
  3.  

SEC use only

 
  4.  

Citizenship or place of organization:

 

Delaware

Number of

shares

beneficially

owned by

each

reporting

person

with

    5.    

Sole voting power:

 

418,065
   6.   

Shared voting power:

 

0
   7.   

Sole dispositive power:

 

418,065
   8.   

Shared dispositive power:

 

0
  9.  

Aggregate amount beneficially owned by each reporting person:

 

418,065
10.  

Check Box if the aggregate amount in Row (9) excludes certain shares (see instructions)

 

☐
11.  

Percent of class represented by amount in Row (9):

 

0.9%
12.  

Type of reporting person (see instructions):

 

OO

13G

 

CUSIP No. 18451C109    Page 5 of 17

 

  1.   

Name of reporting persons:

 

Blackstone Holdings I L.P.
  2.  

Check the appropriate box if a member of a group

 

(a)  ☐        (b)  ☒
  3.  

SEC use only

 
  4.  

Citizenship or place of organization:

 

Delaware

Number of

shares

beneficially

owned by

each

reporting

person

with

    5.    

Sole voting power:

 

418,065
   6.   

Shared voting power:

 

0
   7.   

Sole dispositive power:

 

418,065
   8.   

Shared dispositive power:

 

0
  9.  

Aggregate amount beneficially owned by each reporting person:

 

418,065
10.  

Check Box if the aggregate amount in Row (9) excludes certain shares (see instructions)

 

☐
11.  

Percent of class represented by amount in Row (9):

 

0.9%
12.  

Type of reporting person (see instructions):

 

PN

13G

 

CUSIP No. 18451C109    Page 6 of 17

 

  1.   

Name of reporting persons:

 

Blackstone Holdings I/II GP Inc.
  2.  

Check the appropriate box if a member of a group

 

(a)  ☐        (b)  ☒
  3.  

SEC use only

 
  4.  

Citizenship or place of organization:

 

Delaware

Number of

shares

beneficially

owned by

each

reporting

person

with

    5.    

Sole voting power:

 

1,161,349
   6.   

Shared voting power:

 

0
   7.   

Sole dispositive power:

 

1,161,349
   8.   

Shared dispositive power:

 

0
  9.  

Aggregate amount beneficially owned by each reporting person:

 

1,161,349
10.  

Check Box if the aggregate amount in Row (9) excludes certain shares (see instructions)

 

☐
11.  

Percent of class represented by amount in Row (9):

 

2.4%
12.  

Type of reporting person (see instructions):

 

CO

13G

 

CUSIP No. 18451C109    Page 7 of 17

 

  1.   

Name of reporting persons:

 

The Blackstone Group L.P.
  2.  

Check the appropriate box if a member of a group

 

(a)  ☐        (b)  ☒
  3.  

SEC use only

 
  4.  

Citizenship or place of organization:

 

Delaware

Number of

shares

beneficially

owned by

each

reporting

person

with

    5.    

Sole voting power:

 

1,161,349
   6.   

Shared voting power:

 

0
   7.   

Sole dispositive power:

 

1,161,349
   8.   

Shared dispositive power:

 

0
  9.  

Aggregate amount beneficially owned by each reporting person:

 

1,161,349
10.  

Check Box if the aggregate amount in Row (9) excludes certain shares (see instructions)

 

☐
11.  

Percent of class represented by amount in Row (9):

 

2.4%
12.  

Type of reporting person (see instructions):

 

PN

13G

 

CUSIP No. 18451C109    Page 8 of 17

 

  1.   

Name of reporting persons:

 

Blackstone Group Management L.L.C.
  2.  

Check the appropriate box if a member of a group

 

(a)  ☐        (b)  ☒
  3.  

SEC use only

 
  4.  

Citizenship or place of organization:

 

Delaware

Number of

shares

beneficially

owned by

each

reporting

person

with

    5.    

Sole voting power:

 

1,161,349
   6.   

Shared voting power:

 

0
   7.   

Sole dispositive power:

 

1,161,349
   8.   

Shared dispositive power:

 

0
  9.  

Aggregate amount beneficially owned by each reporting person:

 

1,161,349
10.  

Check Box if the aggregate amount in Row (9) excludes certain shares (see instructions)

 

☐
11.  

Percent of class represented by amount in Row (9):

 

2.4%
12.  

Type of reporting person (see instructions):

 

OO

13G

 

CUSIP No. 18451C109    Page 9 of 17

 

  1.   

Name of reporting persons:

 

Stephen A. Schwarzman
  2.  

Check the appropriate box if a member of a group

 

(a)  ☐        (b)  ☒
  3.  

SEC use only

 
  4.  

Citizenship or place of organization:

 

United States

Number of

shares

beneficially

owned by

each

reporting

person

with

    5.    

Sole voting power:

 

1,161,349
   6.   

Shared voting power:

 

0
   7.   

Sole dispositive power:

 

1,161,349
   8.   

Shared dispositive power:

 

0
  9.  

Aggregate amount beneficially owned by each reporting person:

 

1,161,349
10.  

Check Box if the aggregate amount in Row (9) excludes certain shares (see instructions)

 

☐
11.  

Percent of class represented by amount in Row (9):

 

2.4%
12.  

Type of reporting person (see instructions):

 

IN

13G

 

CUSIP No. 18451C109    Page 10 of 17

 

  1.   

Name of reporting persons:

 

Bennett J. Goodman
  2.  

Check the appropriate box if a member of a group

 

(a)  ☐        (b)  ☒
  3.  

SEC use only

 
  4.  

Citizenship or place of organization:

 

United States

Number of

shares

beneficially

owned by

each

reporting

person

with

    5.    

Sole voting power:

 

0
   6.   

Shared voting power:

 

1,161,349
   7.   

Sole dispositive power:

 

0
   8.   

Shared dispositive power:

 

1,161,349
  9.  

Aggregate amount beneficially owned by each reporting person:

 

1,161,349
10.  

Check Box if the aggregate amount in Row (9) excludes certain shares (see instructions)

 

☐
11.  

Percent of class represented by amount in Row (9):

 

2.4%
12.  

Type of reporting person (see instructions):

 

IN

13G

 

CUSIP No. 18451C109    Page 11 of 17

 

  1.   

Name of reporting persons:

 

J. Albert Smith III
  2.  

Check the appropriate box if a member of a group

 

(a)  ☐        (b)  ☒
  3.  

SEC use only

 
  4.  

Citizenship or place of organization:

 

United States

Number of

shares

beneficially

owned by

each

reporting

person

with

    5.    

Sole voting power:

 

0
   6.   

Shared voting power:

 

1,161,349
   7.   

Sole dispositive power:

 

0
   8.   

Shared dispositive power:

 

1,161,349
  9.  

Aggregate amount beneficially owned by each reporting person:

 

1,161,349
10.  

Check Box if the aggregate amount in Row (9) excludes certain shares (see instructions)

 

☐
11.  

Percent of class represented by amount in Row (9):

 

2.4%
12.  

Type of reporting person (see instructions):

 

IN

Item 1.     (a)     Name of Issuer

Clear Channel Outdoor Holdings, Inc. (the “Company”)

 

  (b) Address of Issuer’s Principal Executive Offices:

20880 Stone Oak Pkwy.

San Antonio, Texas 78258

 

Item 2(a). Name of Person Filing

 

Item 2(b). Address of Principal Business Office

 

Item 2(c). Citizenship

 

  (i) GSO Special Situations Master Fund LP

c/o GSO Capital Partners LP

345 Park Avenue

New York, NY 10154

Citizenship: Cayman Islands, British West Indies

 

  (ii) GSO Capital Partners LP

345 Park Avenue

New York, NY 10154

Citizenship: State of Delaware

 

  (iii) GSO Advisor Holdings L.L.C.

c/o GSO Capital Partners LP

345 Park Avenue

New York, NY 10154

Citizenship: State of Delaware

 

  (iv) Blackstone Holdings I L.P.

c/o The Blackstone Group L.P.

345 Park Avenue

New York, NY 10154

Citizenship: State of Delaware

 

  (v) Blackstone Holdings I/II GP Inc.

c/o The Blackstone Group L.P.

345 Park Avenue

New York, NY 10154

Citizenship: State of Delaware

 

  (vi) The Blackstone Group L.P.

345 Park Avenue

New York, NY 10154

Citizenship: State of Delaware

  (vii) Blackstone Group Management L.L.C.

c/o The Blackstone Group L.P.

345 Park Avenue

New York, NY 10154

Citizenship: State of Delaware

 

  (viii) Stephen A. Schwarzman

c/o The Blackstone Group L.P.

345 Park Avenue

New York, NY 10154

Citizenship: United States

 

  (ix) Bennett J. Goodman

c/o GSO Capital Partners LP

345 Park Avenue

New York, NY 10154

Citizenship: United States

 

  (x) J. Albert Smith III

c/o GSO Capital Partners LP

345 Park Avenue

New York, NY 10154

Citizenship: United States

The foregoing persons are hereinafter sometimes collectively referred to as the “Reporting Persons.”

GSO Special Situations Master Fund LP no longer holds securities of the Company. However, as of December 31, 2017, certain other funds under the control of certain of the Reporting Persons owned securities of the Company. GSO Capital Partners LP is the investment advisor of GSO Special Situations Master Fund LP. GSO Advisor Holdings L.L.C. is a special limited partner of GSO Capital Partners LP with investment and voting power over the securities beneficially owned by GSO Capital Partners LP. Blackstone Holdings I L.P. is the sole member of GSO Advisor Holdings L.L.C. Blackstone Holdings I/II GP Inc. is the general partner of Blackstone Holdings I L.P. The Blackstone Group L.P. is the controlling shareholder of Blackstone Holdings I/II GP Inc. Blackstone Group Management L.L.C. is the general partner of The Blackstone Group L.P. Blackstone Group Management L.L.C. is controlled by Stephen A. Schwarzman, one of its founders. Each of Bennett J. Goodman and J. Albert Smith III is an executive of GSO Capital Partners LP.

In addition, each of Bennett J. Goodman and J. Albert Smith III may be deemed to have shared voting power and/or investment power with respect to the Common Stock (as defined below) held by certain funds under the control of certain of the Reporting Persons.

Neither the filing of this Schedule 13G nor any of its contents shall be deemed to constitute an admission that any of the Reporting Persons is the beneficial owner of the Common Stock referred to herein for purposes of Section 13(d) or 13(g) of the Securities Exchange Act of 1934, as amended, or for any other purpose, and such beneficial ownership is expressly disclaimed. Each Reporting Person expressly disclaims any assertion or presumption that it and the other persons on whose behalf this statement is filed constitute a “group.”

 

Item 2(d). Title of Class of Securities:

Class A Common Stock, $0.01 par value per share (the “Common Stock”)

Item 2(e). CUSIP Number: 18451C109

 

Item 3. If this statement is filed pursuant to Rule 13d-1(b), or 13d-2(b) or (c), check whether the person filing is a:

Not applicable.

 

Item 4. Ownership.

 

  (a) Amount beneficially owned:

Each of the Reporting Persons may be deemed to be the beneficial owner of the shares listed on such Reporting Person’s respective reporting page.

As of December 31, 2017, certain funds directly held 1,161,349 shares of Common Stock.

 

  (b) Percent of class:

Calculations of the percentage of Common Stock beneficially owned assumes that there are a total of 48,984,920 shares of Common Stock outstanding as of November 6, 2017, as reported in the Company’s Form 10-Q filed with the Securities and Exchange Commission on November 8, 2017. Based on this number of outstanding shares of Common Stock, as of December 31, 2017, each of the Reporting Persons may be deemed to be the beneficial owner of the percentage of shares of the total number of outstanding shares of Common Stock as listed on such Reporting Person’s respective reporting page.

 

  (c) Number of Shares as to which the Reporting Person has:

 

  (i) Sole power to vote or to direct the vote:

See Item 5 of each cover page.

 

  (ii) Shared power to vote or to direct the vote:

See Item 6 of each cover page.

 

  (iii) Sole power to dispose or to direct the disposition of:

See Item 7 of each cover page.

 

  (iv) Shared power to dispose or to direct the disposition of:

See Item 8 of each cover page.

Item 5. Ownership of Five Percent or Less of a Class

If this statement is being filed to report the fact that as of the date hereof the reporting person has ceased to be the beneficial owner of more than five percent of the class of securities, check the following: ☒

 

Item 6. Ownership of More than Five Percent on Behalf of Another Person.

Not applicable.

 

Item 7. Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company.

Not applicable.

 

Item 8. Identification and Classification of Members of the Group.

Not applicable.

 

Item 9. Notice of Dissolution of Group.

Not applicable.

 

Item 10. Certification.

Each of the Reporting Persons hereby makes the following certification:

By signing below the undersigned certifies that, to the best of its knowledge and belief, the securities referred to above were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under §240.14a–11.

SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

Dated: February 14, 2018

 

GSO SPECIAL SITUATIONS MASTER FUND LP
By:   GSO Capital Partners LP, its Investment Advisor
By:  

/s/ Marisa Beeney
Name:   Marisa Beeney
Title:   Authorized Signatory
GSO CAPITAL PARTNERS LP
By:  

/s/ Marisa Beeney
Name:   Marisa Beeney
Title:   Authorized Signatory
GSO ADVISOR HOLDINGS L.L.C.
By:   Blackstone Holdings I L.P., its sole member
By:   Blackstone Holdings I/II GP Inc., its general partner
By:  

/s/ John G. Finley
Name:   John G. Finley
Title:   Chief Legal Officer
BLACKSTONE HOLDINGS I L.P.
By:   Blackstone Holdings I/II GP Inc., its general partner
By:  

/s/ John G. Finley
Name:   John G. Finley
Title:   Chief Legal Officer
BLACKSTONE HOLDINGS I/II GP INC.
By:  

/s/ John G. Finley
Name:   John G. Finley
Title:   Chief Legal Officer
THE BLACKSTONE GROUP L.P.
By:   Blackstone Group Management L.L.C., its general partner

 

By:  

/s/ John G. Finley
Name:   John G. Finley
Title:   Chief Legal Officer

[Clear Channel Outdoor Holdings, Inc. – Schedule 13G/A]

BLACKSTONE GROUP MANAGEMENT L.L.C.
By:  

/s/ John G. Finley
Name:   John G. Finley
Title:   Chief Legal Officer
STEPHEN A. SCHWARZMAN

/s/ Stephen A. Schwarzman
BENNETT J. GOODMAN
By:  

/s/ Marisa Beeney
Name:   Marisa Beeney
Title:   Attorney-in-Fact
J. ALBERT SMITH III
By:  

/s/ Marisa Beeney
Name:   Marisa Beeney
Title:   Attorney-in-Fact

[Clear Channel Outdoor Holdings, Inc. – Schedule 13G/A]