Outfront Media launches $670 million term B at Libor plus 200 bps

By Sara Rosenberg

New York, Nov. 8 – Outfront Media Inc. held a lender call at 2:30 p.m. ET on Wednesday to launch a $670 million senior secured covenant-light first-lien term loan B (Ba1/BB+) due March 16, 2024 that is talked at Libor plus 200 basis points with a 0% Libor floor and a par issue price, according to a market source.

The term loan has 101 soft call protection for six months and no amortization, the source said.

Morgan Stanley Senior Funding Inc. is the lead bank on the deal.

Commitments are due at noon ET on Nov. 15, the source added.

Proceeds will be used to reprice an existing term loan B.

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

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