Published on 3/25/2015 in the Prospect News High Yield Daily.
New Issue: Outfront Media prices $100 million tap of 5 5/8% senior notes due 2024 at 103.75
By Paul A. Harris
Portland, Ore., March 25 – Outfront Media Capital LLC and Outfront Media Capital Corp. priced a $100 million add-on to their 5 5/8% senior notes due Feb. 15, 2024 (B1/BB-) at 103.75 to yield 4.974% on Wednesday, according market sources.
The reoffer price came at the rich end of the 103.5 to 103.75 price talk.
BofA Merrill Lynch was the left bookrunner. Morgan Stanley & Co. LLC is the joint bookrunner.
Proceeds will be used to repay revolver 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 $400 million issue priced at par in January 2014 via issuers CBS Outdoor Americas Capital LLC and CBS Outdoor Capital Corp.
| Issuers: | Outfront Media Capital LLC and Outfront Media Capital Corp.
|
| Face amount: | $100 million
|
| Proceeds: | $104 million
|
| Maturity: | Feb. 15, 2024
|
| Security description: | Add-on to 5 5/8% senior notes due Feb. 15, 2024
|
| Left bookrunner: | BofA Merrill Lynch
|
| Joint bookrunner: | Morgan Stanley & Co. LLC
|
| Co-managers: | 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, U.S. Bancorp Investments Inc.
|
| Coupon: | 5 5/8%
|
| Price: | 103.75
|
| Yield: | 4.974%
|
| Spread: | 324 bps
|
| First call: | Feb. 15, 2019 at 102.813
|
| Trade date: | March 25
|
| Settlement date: | March 30 with accrued interest
|
| Ratings: | Moody's: B1
|
| Standard & Poor's: BB-
|
| Distribution: | Rule 144A and Regulation S with registration rights
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| Price talk: | 103.5 to 103.75
|
| Marketing: | Quick to market
|
| Original issue: | $400 million priced at par in January 2014 via issuers CBS Outdoor Americas Capital LLC and CBS Outdoor Capital Corp.
|
| Fungibility: | Upon registration the add-on notes will be fungible with the original notes
|
| Total issue size: | $500 million
|
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