$500M Senior Notes Priced at 6.000% to Refinance Existing Debt
OUT has more than doubled off its 52-week low of $15.45.
Summary
OUTFRONT Media's subsidiaries priced a $500 million private offering of 6.000% Senior Notes due 2034. The company intends to use the proceeds to redeem its outstanding 5.000% Senior Notes due 2027. This refinancing extends the maturity of a material portion of the company's debt by seven years but increases the cost of debt by 100 basis points, which will impact future interest expenses.
At the time of this announcement, OUT was trading at $31.26 on NYSE in the Trade & Services sector, with a market capitalization of approximately $5.5B. The 52-week trading range was $15.45 to $34.96. This news item was assessed with negative market sentiment and an importance score of 8 out of 10. Source: PR Newswire.