OUTFRONT Media Inc. Enters Material Definitive Agreement
Ticker: OUT · Form: 8-K · Filed: Jun 14, 2024 · CIK: 1579877
Sentiment: neutral
Topics: debt, agreement
TL;DR
OUTFRONT Media Inc. just signed a big deal, likely involving debt or a new financial obligation.
AI Summary
On June 14, 2024, OUTFRONT Media Inc. entered into a material definitive agreement related to a direct financial obligation. The company, formerly known as CBS Outdoor Americas Inc., is incorporated in Maryland and headquartered at 90 Park Avenue, New York, NY.
Why It Matters
This filing indicates a significant financial commitment or obligation for OUTFRONT Media Inc., which could impact its financial standing and future operations.
Risk Assessment
Risk Level: medium — Entering into new financial obligations can introduce financial risk, depending on the terms and the company's ability to manage them.
Key Players & Entities
- OUTFRONT Media Inc. (company) — Registrant
- June 14, 2024 (date) — Date of earliest event reported
- CBS OUTDOOR AMERICAS INC. (company) — Former company name
- 90 Park Avenue, 9th Floor New York, New York 10016 (location) — Principal executive offices address
FAQ
What type of material definitive agreement did OUTFRONT Media Inc. enter into?
The filing indicates the entry into a material definitive agreement that also constitutes the creation of a direct financial obligation or an obligation under an off-balance sheet arrangement of a registrant.
What is the exact date of the earliest event reported in this 8-K filing?
The date of the earliest event reported is June 14, 2024.
What was OUTFRONT Media Inc. previously known as?
OUTFRONT Media Inc. was formerly known as CBS OUTDOOR AMERICAS INC.
In which state is OUTFRONT Media Inc. incorporated?
OUTFRONT Media Inc. is incorporated in Maryland.
What is the principal executive office address for OUTFRONT Media Inc.?
The principal executive office address is 90 Park Avenue, 9th Floor, New York, New York 10016.
Filing Stats: 1,285 words · 5 min read · ~4 pages · Grade level 13.9 · Accepted 2024-06-14 16:24:55
Key Financial Figures
- $0 — nge on which registered Common Stock, $0.01, par value OUT New York Stock Excha
Filing Documents
- out-20240614.htm (8-K) — 43KB
- executionversion-mufg_outf.htm (EX-10.1) — 1335KB
- 0001579877-24-000080.txt ( ) — 1696KB
- out-20240614.xsd (EX-101.SCH) — 2KB
- out-20240614_lab.xml (EX-101.LAB) — 21KB
- out-20240614_pre.xml (EX-101.PRE) — 12KB
- out-20240614_htm.xml (XML) — 3KB
01
Item 1.01 Entry into a Material Definitive Agreement. As previously disclosed, OUTFRONT Media Inc. (the "Company") and certain subsidiaries of the Company entered into a revolving accounts receivable securitization facility (as previously amended and as amended by the Amendment (as defined below), the "AR Facility") with MUFG Bank, Ltd., as a committed purchaser, group agent and administrative agent ("MUFG"), which terminates in May 2025. On June 14, 2024, the Company, certain subsidiaries of the Company and MUFG entered into an Amendment No. 8, dated as of June 14, 2024 (the "Amendment"), to the Amended and Restated Receivables Purchase Agreement, dated as of July 19, 2019 (as previously amended and as amended by the Amendment, the "Amended and Restated RPA"), by and among Outfront Media LLC, Outfront Media Receivables LLC, Outfront Media Receivables TRS, LLC, MUFG, the other parties thereto from time to time as purchasers and group agents, and Gotham Funding Corporation, pursuant to which the Company (a) extended the term of the AR Facility so that it will now terminate on June 14, 2027, unless further extended; and (b) modified the upfront fee and modified the program fee so that the program fee may increase or decrease based on the Company's Consolidated Net Secured Leverage Ratio (as defined in the credit agreement governing the Company's senior secured credit facilities). The remaining terms of the Amended and Restated RPA are substantially the same as the terms under the previous version of this agreement, including with respect to termination events and loan acceleration. In connection with the AR Facility, Outfront Media LLC and Outfront Media Outernet Inc., each a wholly-owned subsidiary of the Company, and certain of the Company's taxable real estate investment trust subsidiaries ("TRSs") (the "Originators"), will sell and/or contribute their respective existing and future accounts receivable and certain related assets to either Outfront Media Rece
03
Item 2.03 Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registration. The information contained in Item 1.01 is incorporated herein by reference.
Financial Statements and Exhibits
Financial Statements and Exhibits. (d) Exhibits. The following exhibits are filed herewith: Exhibit Number Description 10.1 Amendment No. 8 to Amended and Restated Receivables Purchase Agreement, dated as of June 14, 2024, by and among OUTFRONT Media Inc., Outfront Media LLC, Outfront Media Receivables LLC, Outfront Media Receivables TRS, LLC, MUFG Bank, Ltd., the other parties thereto from time to time as purchasers and group agents, and Gotham Funding Corporation. 104 Cover Page Interactive Data File (embedded within the Inline XBRL document). EXHIBIT INDEX Exhibit Number Description 10.1 Amendment No. 8 to Amended and Restated Receivables Purchase Agreement, dated as of June 14, 2024, by and among OUTFRONT Media Inc., Outfront Media LLC, Outfront Media Receivables LLC, Outfront Media Receivables TRS, LLC, MUFG Bank, Ltd., the other parties thereto from time to time as purchasers and group agents, and Gotham Funding Corporation. 104 Cover Page Interactive Data File (embedded within the Inline XBRL document). SIGNATURE Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. OUTFRONT MEDIA INC. By: /s/ Matthew Siegel Name: Matthew Siegel Title: Executive Vice President and Chief Financial Officer Date: June 14, 2024