CBS Outdoor Expects IPO to Price at $26- $28

CBS Outdoor Americas Inc. on Monday said it would offer 20 million common shares in its initial public offering, with pricing expected to be between $26 and $28 a share.

The outdoor advertising company, which filed its IPO plans in June, said it had launched its so-called road show for the offering, in which bankers and executives will pitch the company to investors.

CBS Corp. (CBS) will own about 83% of CBS Outdoor after the offering. Later this year, after CBS divests its stake in a tax-free split-off, CBS Outdoor plans to become a real estate investment trust.

The company's portfolio consists largely of billboard displays predominantly located in major metropolitan areas and along major commuting routes. As of Dec. 31, CBS Outdoor had approximately 330,00 displays in the United States and approximately 26,200 displays across Canada and Latin America.

The company pulled in $1.29 billion in revenue last year, up slightly from the year before. Net income grew 27% to $143.5 million.

Goldman Sachs & Co., Bank of America Merrill Lynch, J.P. Morgan and Morgan Stanley are the book-running managers for the offering, CBS Outdoor said.

CBS Outdoor said it expects its shares to trade on the New York Stock Exchange under the symbol "CBSO."

Write to Michael Calia at [e-mail]

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