Published on 11/12/2019 in the Prospect News High Yield Daily.
New Issue: Outfront Media prices $500 million 4 5/8% 10.25-year notes at par
By Paul A. Harris
Portland, Ore., Nov. 12 – Outfront Media Capital LLC and Outfront Media Capital Corp. priced a $500 million issue of senior notes due March 15, 2030 (B1/BB-) at par to yield 4 5/8% in a quick-to-market Tuesday trade, according to market sources.
The yield printed at the tight end of the 4 5/8% to 4¾% yield talk and tight to early guidance in the high 4% area.
BofA Securities Inc., Wells Fargo Securities LLC, BNP Paribas Securities Corp., Credit Suisse Securities (USA) LLC, Deutsche Bank Securities Inc., Goldman Sachs & Co. LLC, J.P. Morgan Securities LLC, Mizuho Securities USA Inc., Morgan Stanley & Co. LLC and SMBC Nikko Securities America Inc. are the joint bookrunners.
The New York-based outdoor media company plans to use the proceeds to redeem its 5 7/8% senior notes due 2025 in full.
Issuers: | Outfront Media Capital LLC and Outfront Media Capital Corp.
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Amount: | $500 million
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Maturity: | March 15, 2030
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Securities: | Senior notes
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Bookrunners: | BofA Securities Inc., Wells Fargo Securities LLC, BNP Paribas Securities Corp., Credit Suisse Securities (USA) LLC, Deutsche Bank Securities Inc., Goldman Sachs & Co. LLC, J.P. Morgan Securities LLC, Mizuho Securities USA Inc., Morgan Stanley & Co. LLC and SMBC Nikko Securities America Inc.
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Co-managers: | SunTrust Robinson Humphrey Inc., TD Securities (USA) LLC and U.S. Bancorp Investments Inc.
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Coupon: | 4 5/8%
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Price: | Par
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Yield: | 4 5/8%
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Spread: | 271 bps
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Call protection: | 5.25 years
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Trade date: | Nov. 12
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Settlement date: | Nov. 18
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Ratings: | Moody's: B1
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| S&P: BB-
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Distribution: | Rule 144A and Regulation S for life
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Price talk: | 4 5/8% to 4¾%
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Marketing: | Quick to market
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