Outfront Media to price $100 million tap of 5 5/8% notes due 2024 in Wednesday drive-by

By Paul A. Harris

Portland, Ore., March 25 – Outfront Media Capital LLC and Outfront Media Capital Corp. plan to price a $100 million add-on to their 5 5/8% senior notes due Feb. 15, 2024 (existing ratings B1/BB-) on Wednesday trailing a late-morning conference call with investors, according to a market source.

BofA Merrill Lynch is the left bookrunner for the Rule 144A and Regulation S with registration rights offering. Morgan Stanley & Co. LLC is the joint bookrunner.

Citigroup Global Markets Inc., Credit Suisse Securities (USA) LLC, Deutsche Bank Securities Inc., Goldman Sachs & Co., J.P. Morgan Securities LLC, Wells Fargo Securities LLC, Mizuho Securities, SMBC Nikko and U.S. Bancorp Investments Inc. are the co-managers.

The notes become callable after Feb. 15, 2019 at 102.813.

Proceeds will be used to repay revolving credit facility debt and for general corporate purposes.

Outfront Media is a New York-based lessor of advertising space on out-of-home advertising structures and sites, formerly known as CBS Outdoor Americas.

The original CBS Outdoor Americas Capital LLC and CBS Outdoor Capital Corp. $400 million notes issue priced at par in January 2014.

Upon registration the add-on notes will be fungible with the original notes.

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