• OUTFRONT Announces Pricing Of Senior Notes Offering

    OUTFRONT announced this week that two of its wholly-owned subsidiaries priced a private offering of $500.0 million in aggregate principal amount of 4.625% Senior Notes due 2030 (the “notes”). The notes are to be sold at an issue price of 100.0% of the principal amount. The offering is expected to close on November 18, 2019, subject to customary closing conditions.

    OUTFRONT intends to use the net proceeds from the notes offering to redeem all of its outstanding $450 million 5.875% Senior Notes due 2025, to pay accrued and unpaid interest on such outstanding notes, and to pay fees and expenses in connection with the notes offering and redemption.

    The notes will be guaranteed on a senior unsecured basis by OUTFRONT Media Inc. and each of its direct and indirect subsidiaries that guarantees its senior credit facilities.

    Insider Take: Though the notes being redeemed are not due until 2025 this is a well timed refinancing. Interest rates are at a low point and we could be seeing credit markets tightening up in 2020, meaning the potential for higher interest rates,

     


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