OUTFRONT Media Announces Pricing of Senior Secured Notes Offering
NEW YORK, Nov. 7, 2023 /PRNewswire/ -- OUTFRONT Media Inc. (NYSE: OUT) today announced that two of its wholly-owned subsidiaries priced a private offering of $450.0 million in aggregate principal amount of 7.375% Senior Secured Notes due 2031 (the "notes").
- NEW YORK, Nov. 7, 2023 /PRNewswire/ -- OUTFRONT Media Inc. (NYSE: OUT) today announced that two of its wholly-owned subsidiaries priced a private offering of $450.0 million in aggregate principal amount of 7.375% Senior Secured Notes due 2031 (the "notes").
- The offering is expected to close on November 20, 2023, subject to customary closing conditions.
- OUTFRONT Media intends to use the net proceeds from the notes offering to redeem all of its outstanding 6.250% Senior Notes due 2025 (the "2025 notes") and to pay accrued and unpaid interest on the 2025 notes, if any, to, but excluding, the redemption date, to pay fees and expenses in connection with the notes offering and the 2025 notes redemption; and for general corporate purposes, which may include the repayment, refinancing, redemption or repurchase of existing indebtedness.
- The notes will be guaranteed on a senior secured basis by OUTFRONT Media Inc. and each of its direct and indirect subsidiaries that guarantees its senior credit facilities.