Moorgate Capital Partners has analyzed out of home leverage and cost of debt trends thru March 2023.  Weight average debt costs have increased at the public out of home companies due to a rise in interest rates.

• Lamar Advertising’s weighted average cost of debt increased from 4.8% at March 2023 to 5.0% at June 2023.
• OUTFRONT Media’s weighted average cost of debt remained stable at 5.4%.
• Clear Channel Outdoor’s weighted average cost of debt increased from 7.2% at March 2023 to 7.4% at June 2023.

Public out of home company leverage (net debt to adjusted ebidta) has been declining over the past two years as the out of home companies have shaken off the impact of covid.  Lamar Advertising has the lowest leverage at 3.5 times.  Clear Channel has the highest leverage at 10.1 times.