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
|
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
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.