Here are two tables, prepared by Moorgate Capital Partners, which calculate the weighted average cost of debt and leverage (net debt/adjusted cashflow) for the public out of home companies as of December 2023.  Some observations:

• The cost of debt has been stable at the public out of home companies, after rising during 2022 and the first part of 2023.
• The cost of debt goes up as leverage goes up.  Clear Channel Outdoor’s debt costs 1.4 times more tha OUTFRONT and Lamar’s debt because it has leverage which is 2-3 times higher.

To obtain a copy of Moorgate’s 4Q 2023 OOH report contact Jeff Seddon, Vice President, Moorgate Capital Partners, jeff.seddon@moorgatepartners.com, 609-276-2508.

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