Moody’s applies B1 to Outfront note add-on

Moody's Investors Service sad it assigned a B1 rating to a subsidiary of Outfront Media Inc.'s proposed $100 million add-on to the 5 5/8% senior unsecured notes due 2024.

The existing Ba3 corporate family rating, Ba1 rated senior secured credit facility and B1 rated senior unsecured notes due 2022, 2024 and 2025 remain unchanged.

The outlook remains stable.

Proceeds will be used to repay a $50 million draw on the revolver and to add cash to the balance sheet.

Moody’s said the $100 million add on increases total leverage to 5.6 times from 5.5 times as of Q4 2014 pro-forma for the Van Wagner acquisition including the agency’s standard adjustment for lease expense or to 5.2 times from 5 times, excluding its standard lease adjustments.

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