Outfront Media driving by with $400 million 7.25-year secured notes; initial talk high-7% area

By Paul A. Harris

Portland, Ore., Nov. 7 – Outfront Media, Inc. plans to price a $400 million offering of Outfront Media Capital LLC and Outfront Media Capital Corp. senior secured notes due 2031 in a Tuesday drive-by trailing a conference call with investors, according to market sources.

Initial guidance has the deal coming to yield in the high-7% area, according to a bond trader.

The Rule 144A and Regulation S for life 7.25-year notes become subject to an initial call in three years at par plus 50% of the coupon.

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

Capital One Securities Inc., CIBC World Markets Corp. and U.S. Bancorp Investments Inc. are the co-managers.

The New York-based outdoor advertising company plans to use the proceeds plus cash on hand to redeem all of its outstanding 6¼% senior notes due 2025.

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