NEW YORK, Nov. 20, 2017 /PRNewswire/ -- OUTFRONT Media
Inc. (NYSE: OUT), announced today that it, along with certain
wholly owned subsidiaries, has reduced the interest rate margins on
its existing $670 million outstanding
term loan by 0.25%. In the case of London Interbank Offered
Rate ("LIBOR") borrowings, the margin is reduced to 2.00% from
2.25%, and in the case of base rate borrowings, the margin is
reduced to 1.00% from 1.25%.
The interest rate reduction was made through an amendment to the
Company's credit agreement dated as of January 31, 2014. The amendment also
includes an obligation for the Company to pay a prepayment premium
to the term loan lenders in the amount of 1.00% of the aggregate
principal amount of the term loan in the event of another repricing
transaction on or before the six-month anniversary of this
amendment, as well as other clarifying, conforming and ministerial
changes to the credit agreement. The remaining terms of the credit
agreement, as amended by the amendment, are substantially the same
as the terms under the existing credit agreement, including with
respect to events of default and loan acceleration.
About OUTFRONT Media Inc.
OUTFRONT Media connects
brands with consumers outside of their homes through one of the
largest and most diverse sets of billboard, transit, and mobile
assets in North America. Through its ON Smart Media platform,
OUTFRONT Media is implementing digital technology that will
fundamentally change the ways advertisers engage people
on-the-go.
Contacts:
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Investors:
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Media:
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Gregory
Lundberg
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Carly Zipp
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(212)
297-6441
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(212)
297-6479
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greg.lundberg@OUTFRONTmedia.com
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carly.zipp@OUTFRONTmedia.com
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SOURCE OUTFRONT Media Inc.