Outfront Media sets talk on $1.1 billion credit facility with launch

By Sara Rosenberg

New York, March 7 – Outfront Media Inc. released price talk on its $1.1 billion senior secured credit facility (Ba1/BB+) in connection with its lender call on Tuesday, according to a market source.

The $430 million five-year revolver is talked at Libor plus 200 basis points with a 0% Libor floor, and the $670 million seven-year covenant-light first-lien term loan B is talked at Libor plus 225 bps with a 0% Libor floor and an original issue discount of 99.75, the source said.

Included in the term loan is 101 soft call protection for six months.

Morgan Stanley Senior Funding Inc., Deutsche Bank Securities Inc., Credit Suisse Securities (USA) LLC, Goldman Sachs Bank USA, Bank of America Merrill Lynch, Wells Fargo Securities LLC and MUFG are the joint bookrunners on the deal, with Morgan Stanley the administrative agent.

Proceeds will be used to amend and extend an existing revolver and term loan B, upsize the term loan B by $10 million and pay related fees and expenses.

Consents/commitments are due on Friday, the source added.

Outfront Media is a New York-based out-of-home 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.