Outfront Media draws $470 million under revolver amid pandemic

By Sarah Lizee

Olympia, Wash., March 25 – Outfront Media Inc. borrowed $470 million under its revolving credit facility on Wednesday, according to an 8-K filing with the Securities and Exchange Commission.

The draw represents nearly all of the remaining available amount under the revolver.

The company said the draw was made as a precautionary measure to preserve financial flexibility and increase liquidity in light of the current uncertainty in the global economy resulting from the novel coronavirus Covid-19 pandemic.

Interest is Libor plus 125 basis points to 175 bps, based on leverage.

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

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