Outfront Media launches upsized $650 million eight-year senior notes to yield 5%

By Abigail W. Adams

Portland, Me., June 12 – Outfront Media Capital LLC launched an upsized $650 million offering of eight-year senior notes (expected B1/BB-) at par to yield 5% with pricing expected on Wednesday, according to a market source.

Official price talk was in the 5 1/8% area.

The quick-to-market trade was upsized from $550 million.

Deutsche Bank Securities Inc., J.P. Morgan Securities LLC, BofA Securities Inc., Credit Suisse Securities (USA) LLC, Morgan Stanley & Co. LLC, Goldman Sachs & Co. LLC, and Wells Fargo Securities LLC are bookrunners for the Rule 144A and Regulation S offering.

The notes are non-callable for three years.

Proceeds will be used to refinance the company’s 5¼% senior notes due 2022.

Outfront Media is a New York-based outdoor media company.

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