Outfront Media announces pricing of senior unsecured notes offering

OUTFRONT Media Inc. (NYSE: OUT) has announced the pricing of a $450 million senior secured notes offering, with the proceeds intended for general corporate purposes, including the repayment or refinancing of existing debt. The notes, issued at a 7.375% coupon and due in 2031, will be offered at par value and are expected to close on November 20, 2023, subject to customary conditions. The offering is part of the company’s ongoing strategy to manage its capital structure and optimize financial flexibility.

The notes will be guaranteed by OUTFRONT Media Inc. and its subsidiaries that guarantee its senior credit facilities. Additionally, the offering will be secured by liens on most of the company’s assets, excluding certain Canadian subsidiaries pending sale. The offering is being conducted as a private placement under Rule 144A and Regulation S, and the notes will not be registered under the Securities Act of 1933.

This offering follows a similar $400 million senior notes offering in May 2020, which was used to repay borrowings under the company’s revolving credit facility. More recently, in the first quarter of 2026, OUTFRONT reported strong financial performance, with revenues of $429.6 million and adjusted OIBDA of $100.4 million, reflecting a 10% year-over-year revenue increase and a 56.4% rise in adjusted OIBDA. The company also announced a quarterly dividend of $0.30 per share, payable on June 30, 2026.

The recent debt offerings and the company’s financial performance indicate a strategic approach to managing liquidity and capital. As of March 31, 2026, OUTFRONT had $67.2 million in unrestricted cash and $494.9 million available under its revolving credit facility. The company’s total indebtedness stood at $2.6 billion, excluding deferred financing costs.

The notes offering is expected to further strengthen OUTFRONT’s balance sheet and provide flexibility for future capital allocation decisions. The company’s management emphasized the importance of maintaining a strong liquidity position to support its operations and growth initiatives.