News & Announcements

Weil Advises the Underwriters in the IPO of CBS Outdoor Americas

A Weil team led by New York partner Matthew Bloch advised Goldman Sachs, Bank of America Merrill Lynch, J.P. Morgan, Morgan Stanley and the other underwriters, in the $644 million initial public offering and listing on the New York Stock Exchange of CBS Outdoor Americas Inc. (CBS Outdoor), a provider of out-of-home advertising services. The issue closed on April 2, 2014.

The proceeds from this transaction will be used to continue the planned spin-off of CBS Outdoor from CBS Corporation (CBS). CBS, which will own 83 percent of CBS Outdoor following the IPO, plans to convert CBS Outdoor into a real estate investment trust (REIT) later this year.

The New York-based Weil team advising the underwriters on the IPO of CBS Outdoor was led by Capital Markets partner Matthew Bloch and and included Tax partner Larry Gelbfish; Capital Markets associates Andrew Woodworth, Lisa Yun and Daniel Evens; and Tax associates Todd Hatcher and Gladriel Shobe.

Earlier this year, Weil advised on two other transactions related to the financing of CBS’s spin-off of CBS Outdoor. Matthew Bloch led a team representing the underwriters in a $800 million high yield bond offering by CBS Outdoor Americas Capital LLC and CBS Outdoor Americas Capital Corporation, and a Weil team led by Global Finance head Daniel Dokos advised the lead arrangers on $1.2 billion senior secured credit facilities for CBS Outdoor Americas Capital LLC and CBS Outdoor Americas Capital Corporation. 

This news was reported in the following outlets (may require registration/subscription):

  • The Am Law Daily: Big Firms Hitch Ride on River of US, Global IPOs (March 27, 2014)
  • The Deal: CBS Outdoor has breezy debut (March 28, 2014)