Published on 11/12/2019 in the Prospect News High Yield Daily.
New Issue: Outfront Media prices $500 million 4 5/8% 10.25-year notes at par
By Paul A. Harris
Portland, Ore., Nov. 12 – Outfront Media Capital LLC and Outfront Media Capital Corp. priced a $500 million issue of senior notes due March 15, 2030 (B1/BB-) at par to yield 4 5/8% in a quick-to-market Tuesday trade, according to market sources.
The yield printed at the tight end of the 4 5/8% to 4¾% yield talk and tight to early guidance in the high 4% area.
BofA Securities Inc., Wells Fargo Securities LLC, BNP Paribas Securities Corp., Credit Suisse Securities (USA) LLC, Deutsche Bank Securities Inc., Goldman Sachs & Co. LLC, J.P. Morgan Securities LLC, Mizuho Securities USA Inc., Morgan Stanley & Co. LLC and SMBC Nikko Securities America Inc. are the joint bookrunners.
The New York-based outdoor media company plans to use the proceeds to redeem its 5 7/8% senior notes due 2025 in full.
| Issuers: | Outfront Media Capital LLC and Outfront Media Capital Corp.
|
| Amount: | $500 million
|
| Maturity: | March 15, 2030
|
| Securities: | Senior notes
|
| Bookrunners: | BofA Securities Inc., Wells Fargo Securities LLC, BNP Paribas Securities Corp., Credit Suisse Securities (USA) LLC, Deutsche Bank Securities Inc., Goldman Sachs & Co. LLC, J.P. Morgan Securities LLC, Mizuho Securities USA Inc., Morgan Stanley & Co. LLC and SMBC Nikko Securities America Inc.
|
| Co-managers: | SunTrust Robinson Humphrey Inc., TD Securities (USA) LLC and U.S. Bancorp Investments Inc.
|
| Coupon: | 4 5/8%
|
| Price: | Par
|
| Yield: | 4 5/8%
|
| Spread: | 271 bps
|
| Call protection: | 5.25 years
|
| Trade date: | Nov. 12
|
| Settlement date: | Nov. 18
|
| Ratings: | Moody's: B1
|
| S&P: BB-
|
| Distribution: | Rule 144A and Regulation S for life
|
| Price talk: | 4 5/8% to 4¾%
|
| 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.
