The company recently closed on the sale of its Canadian business, resulting in net proceeds of approximately $290 million. It then prepaid $200 million of its $600 million term loan and $90 million of its accounts receivable facility which reduced Outfront's S&P Global Ratings-adjusted leverage by about 0.3x. We expect EBITDA growth over the next 12 months will be mostly offset by an increased balance on the company?s accounts receivable facility or its revolving credit facility to support capital expenditures and dividends. Longer term, we expect the company will maintain leverage within its target range of 4x-5x (roughly 5x-6x on an S&P Global Ratings-adjusted basis). The sale will require Outfront to pay out a special dividend to maintain compliance with
