By Abigail W. Adams
Portland, Me., June 12 – Outfront Media Capital LLC priced an upsized $650 million offering of eight-year senior notes (expected B1/BB-) at par to yield 5% in a Wednesday drive-by, sources said.
Official price talk was in the 5 1/8% area.
The deal 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.
| Issuer: | Outfront Media Capital LLC
|
| Amount: | $650 million
|
| Maturity: | 2027
|
| Securities: | Senior notes
|
| Bookrunners: | 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
|
| Coupon: | 5%
|
| Price: | Par
|
| Yield: | 5%
|
| Call protection: | Non-callable for three years
|
| Trade date: | June 12
|
| Settlement date: | June 14
|
| Ratings: | Moody's: B1
|
| S&P: BB-
|
| Distribution: | Rule 144A for life and Regulation S
|
| Price talk: | 5 1/8% area
|
| Marketing: | Quick to market
|
© 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.
