To protect our business, clients, and stakeholders in these extraordinary and unprecedented times, we are undertaking many financial and operational actions.

• As of today, we have drawn the balance of our $500 million revolving credit facility. In addition to cash on hand of $59.1 million as of December 31, 2019, this drawdown provides immediate liquidity and financial flexibility.

• Only the revolving credit portion of our senior credit facilities is subject to a maintenance covenant, which is a consolidated net secured leverage ratio of no greater than 4.5x. At December 31, 2019, before the drawdown, this ratio was 1.2x and, adjusted for the drawdown, would have been approximately 2.0x. The ratio calculation uses the trailing four consecutive quarters of operating financials.

• Our senior credit facilities have various baskets for additional debt incurrence, including a consolidated total leverage ratio basket of no greater than 6.0x. At December 31, 2019, before the drawdown, this ratio was 4.4x and, adjusted for the drawdown, would have been approximately 5.4x. The ratio calculation uses the trailing four consecutive quarters of operating financials.

• Our next debt maturity is $500 million of 5.625% senior notes due February 2024.

• Equipment deployment in our transit franchises has been suspended.

• Maintenance capital expenditures will be curtailed from our original plans, and discretionary growth capital expenditures for digital billboard conversions will be deferred.

• Tuck-in acquisition activity has been put on hold.

• We are having constructive conversations with our transit franchise partners regarding options that may be available to us.

• We are negotiating certain billboard ground leases, including those with clauses that allow us to reduce rent in light of a reduction in advertising value.

• In addition to a headcount freeze, we are taking appropriate steps to reduce our posting, maintenance, selling, general and administrative expenses.

• We are updating our previously disclosed revenue and AFFO guidance. It is now likely that our first quarter 2020 total revenue growth will be somewhere between low single-digits and flat. We are also withdrawing our fiscal year 2020 expectation for AFFO growth.

“These measures will provide immediate liquidity to help us navigate through these rapidly changing market conditions,” said Jeremy Male, Chairman and Chief Executive Officer of OUTFRONT Media.  “We believe that our company, and our industry, have a future as bright as the immediate past, and we look forward to helping our clients and stakeholders during, and after, this uncertainty.”