By Paul A. Harris
Portland, Ore., Jan. 11 – Outfront Media Capital priced a $500 million issue of eight-year senior notes (B2/B+) at par to yield 4¼% in a Monday drive-by, according to market sources.
The yield printed at the tight end of the 4¼% to 4½% yield talk. Initial guidance was 4½% to 4¾%.
J.P. Morgan Securities LLC managed the sale.
The New York-based outdoor advertising company plans to use the proceeds from the notes and cash from its balance sheet to repay its $500 million of senior notes due 2024.
| Issuer: | Outfront Media Capital
|
| Amount: | $500 million
|
| Tenor: | Eight years
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| Securities: | Senior notes
|
| Lead: | J.P. Morgan Securities LLC
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| Coupon: | 4¼%
|
| Price: | Par
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| Yield: | 4¼%
|
| Call protection: | Three years
|
| Trade date: | Jan. 11
|
| Ratings: | Moody’s: B2
|
| S&P: B+
|
| Price talk: | 4¼% to 4½%
|
| Marketing: | Drive-by
|
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