Outfront Media launches $600 million term B at Libor plus 175-200 bps

By Sara Rosenberg

New York, Nov. 6 – Outfront Media Inc. launched on Wednesday its $600 million seven-year senior secured covenant-lite term loan B (Ba1/BB+) with price talk of Libor plus 175 basis points to 200 bps with a 0% Libor floor and an original issue discount of 99.75, 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., Deutsche Bank Securities Inc., J.P. Morgan Securities LLC, Wells Fargo Securities LLC, Goldman Sachs Bank USA, BofA Securities Inc., Credit Suisse Securities (USA) LLC, MUFG, Sumitomo, Mizuho, BNP Paribas Securities Corp., US Bank, SunTrust Robinson Humphrey Inc. and TD Securities (USA) LLC are the joint lead arrangers and bookrunners on the deal.

Commitments and consents are due at 5 p.m. ET on Nov. 13, the source added.

Proceeds will be used to help refinance/amend and extend an existing $620 million term loan B and to pay related fees and expenses.

The company is also amending and extending its existing revolving credit facility.

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

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