NEW YORK, May 13, 2020 /PRNewswire/ — OUTFRONT Media Inc. (NYSE: OUT) today announced that two of its wholly-owned subsidiaries priced a private offering of $400.0 million in aggregate principal amount of 6.25% Senior Notes due 2025 (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 May 15, 2020, subject to customary closing conditions.

OUTFRONT Media intends to use the net proceeds from the notes offering, together with cash on hand, to repay $400.0 million of outstanding borrowings under its revolving credit facility, and to pay fees and expenses in connection with the notes offering. 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’s take:  OUTFRONT’s note issue follows a Lamar $400 million note issue earlier this month.  OUTFRONT’s interest rate is 137 basis points higher than Lamar due to  higher leverage and urban and transit properties will take longer to recover from COVID than Lamar’s mid and small market freeway billboards.   Nice to see that OUTFRONT has access to the capital markets.

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