Outfront Media driving by with $400 million five-year senior notes; whisper low-to-mid 6% area

By Paul A. Harris

Portland, Ore., May 13 – Outfront Media Capital LLC and Outfront Media Capital Corp. plans to price a $400 million offering of five-year senior notes (expected ratings B2/B+) in a Wednesday drive-by trailing a mid-morning conference call with investors, according to market sources.

Early guidance has the deal coming to yield in the low-to-mid 6% area, a trader said.

Deutsche Bank Securities Inc. is the left lead bookrunner. Credit Suisse Securities (USA) LLC, Morgan Stanley & Co. LLC, BofA Securities Inc., BNP Paribas Securities Corp., Goldman Sachs & Co. LLC, J.P. Morgan Securities LLC, Mizuho Securities USA Inc., SMBC Nikko Securities America Inc. and Wells Fargo Securities LLC are the joint bookrunners.

SunTrust Robinson Humphrey Inc., TD Securities (USA) LLC and U.S. Bancorp Investments Inc. are the co-managers.

The Rule 144A and Regulation S for life notes come with two years of call protection.

The New York City-based outdoor media company plans to use the proceeds to refinance its revolving credit facility.

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