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CBS Corporation's CBS Outdoor Americas Inc launches IPO roadshow


Monday, 17 Mar 2014 07:09am EDT 

CBS Outdoor Americas Inc:Launched road show for initial public offering.CBSO is offering 20 mln shares of common stock, and underwriters will have a 30-day option to buy additional three million shares.IPO price is expected to be between $26 and $28 per share, and shares are expected to trade on the New York Stock Exchange under the symbol 'CBSO.CBS Corporation will own about 83 pct of CBSO (or about 81 pct of outstanding stock of CBSO if underwriters exercise their option to purchase additional shares in full).CBSO plans to convert into real estate investment trust (REIT) later this year, following CBS's divestiture of its shares through tax-free split-off.CBSO expects to use net proceeds from the IPO as partial consideration to CBS for the contribution of outdoor business entities as well as cash portion of distribution to shareholders required in connection with conversion to REIT.Goldman, Sachs & Co., BofA Merrill Lynch, J.P. Morgan, and Morgan Stanley are acting as joint book-running managers, and Citigroup, Deutsche Bank Securities, and Wells Fargo Securities are acting as book runners. 

Company Quote

54.2
-0.45 -0.82%
26 Nov 2014