Outfront Media amends $500 million revolver to adjust covenants

By Sarah Lizee

Olympia, Wash., April 20 – Outfront Media Inc. entered into an amendment to the credit agreement governing its $500 million revolver due November 2024, according to a press release.

The revolving credit portion of the company’s senior credit facilities is subject to a maintenance covenant, which is a consolidated net secured leverage ratio of no greater than 4.5x.

The amendment provides that for the period from April 15, 2020 through Sept. 30, 2021, the consolidated net secured leverage ratio will be calculated by substituting the company’s consolidated EBITDA for each of the quarterly periods ended June 30 and Sept. 30 included in any last 12-month compliance testing period, with the company’s historical consolidated EBITDA for each of the quarterly periods ended June 30, 2019 and Sept. 30, 2019, respectively.

Additionally, during the same time period, the company agreed not to make any restricted payments under the credit agreement without the consent of the revolving credit lenders, subject to some exceptions, including payments necessary to maintain the company’s REIT status.

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

© 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.