CBS Outdoor Americas eyes September bond deal to partially replace $715 million bridge loan

By Paul A. Harris

Portland, Ore., Aug. 27 – CBS Outdoor Americas Inc. is expected to issue high-yield notes during September to at least partially replace the $715 million one-year senior unsecured bridge loan put it place to fund the acquisition of Van Wagner Communications LLC, according to market sources.

Wells Fargo Securities LLC will be the left bookrunner.

As reported, the company may take out the entire $715 million in the high-yield market, or it may elect to downsize the bonds in favor of issuing equity securities and/or using cash on hand.

CBS Outdoor is acquiring about 1,100 large format billboard displays from Van Wagner for $690 million in cash.

CBS Outdoor is a New York-based out-of-home media company.

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