• KBRA Assigns Preliminary Ratings To Adams Outdoor $505 Million in Notes

    Kroll Bond Rating Agency assigned preliminary ratings to three classes of secured billboard revenue notes, issued by Adams Outdoor Advertising Limited Partnership (LP).

    The Notes are primarily secured by substantially all Billboard Assets owned by the Issuer. As of August 31, 2018, the Adams operated, in the aggregate, approximately 9,789 advertising displays, including approximately 3,432 bulletins, 6,048 posters, 265 digital displays and 44 other displays. The portfolio’s net outdoor advertising revenues and eligible net cash flow as of August 31, 2018 was approximately $124.9 million and $66.8 million, respectively.

    A breakdown on the notes and KBRA ratings are as follows:

    The proceeds from the sale of the Notes will be used to refinance the Issuer’s existing Series 2014- 1 transaction, pay related fees and expenses, fund various accounts, and for general corporate purposes, which may include a distribution to equity owners of the Issuer’s indirect parent companies.

    If you are interested in reading the KBRA Pre-Sale Report you can access it here.

     

     


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