Published on 5/13/2020 in the Prospect News High Yield Daily.
New Issue: Outfront Media sells $400 million five-year notes at par to yield 6¼%
By Paul A. Harris
Portland, Ore., May 13 – Outfront Media Capital LLC and Outfront Media Capital Corp. priced a $400 million issue of five-year senior notes (B2/B+) at par to yield 6¼% in a Wednesday drive-by, according to market sources.
Deutsche Bank Securities Inc. was the left lead bookrunner. Joint bookrunners were 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.
The yield printed in the middle of yield talk in the 6¼% area and in line with early guidance in the low-to-mid 6% area.
The New York City-based outdoor media company plans to use the proceeds to refinance its revolving credit facility.
| Issuers: | Outfront Media Capital LLC and Outfront Media Capital Corp.
|
| Amount: | $400 million
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| Maturity: | June 15, 2025
|
| Securities: | Senior notes
|
| Left lead bookrunner: | Deutsche Bank Securities Inc.
|
| Joint bookrunners: | 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
|
| Co-managers: | SunTrust Robinson Humphrey Inc., TD Securities (USA) LLC and U.S. Bancorp Investments Inc.
|
| Coupon: | 6¼%
|
| Price: | Par
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| Yield: | 6¼%
|
| First call: | June 15, 2022 at 103.125
|
| Trade date: | May 13
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| Settlement date: | May 15
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| Ratings: | Moody's: B2
|
| S&P: B+
|
| Distribution: | Rule 144A and Regulation S for life
|
| Price talk: | 6¼% area
|
| Marketing: | Drive-by
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