CBS Outdoor Americas (CBSO) IPO Opens Higher

The IPO for CBS Outdoor Americas Inc. (NYSE: CBSO), the outdoor advertising subsidiary of CBS Corporation (NYSE: CBS), opened for trading at $30.10 after pricing 20 million shares of itscommon stock at a price to the public of $28 per share, the high end of the expected $26-$28 range.

In addition, CBS Outdoor has granted underwriters a 30-day option to purchase an additional three million shares at theinitial public offering price, less underwriting discounts and commissions.

At closing, CBS Corporation will own approximately 83% of CBS Outdoor (or approximately 81% of the outstanding stock if underwriters exercise their option to purchase additional shares in full). CBS plans to divest its shares through a tax-free split-off later this year. After CBS is fully divested, CBS Outdoor plans to convert into a real estate investment trust ("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.

CBS Outdoor is one of the largest out-of-home media companies in the Americas and has a major presence throughout the United States, Canada, Mexico and South America. With both traditional outdoor (billboard and transit) advertising properties and a network of digital displays and mobile offerings, CBS Outdoor gives advertisers both breadth and depth of coverage across vast geographies, as well as immersive ways to connect with advertiser

Source: http://www.streetinsider.com/Hot+IPOs/CBS+Outdoor+Americas+%28CBSO%29+IPO+Opens+Higher/9326616.html