Outfront Media sets $600 million term loan B at Libor plus 175 bps

By Sara Rosenberg

New York, Nov. 14 – Outfront Media Inc. firmed pricing on its $600 million seven-year senior secured covenant-lite term loan B (Ba1/BB+) at Libor plus 175 basis points, the low end of the Libor plus 175 bps to 200 bps talk, according to a market source.

The term loan still has a 0% Libor floor, an original issue discount of 99.75, 101 soft call protection for six months and no amortization.

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, SMBC, Mizuho and BNP Paribas Securities Corp. are the joint lead arrangers and bookrunners on the deal. US Bank, SunTrust Robinson Humphrey Inc. and TD Securities (USA) LLC are co-managers.

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.

Closing is expected during the week of Nov. 18, the source added.

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.