Perfusion cardiac MRI (CMR) is a radiation-free and noninvasive imaging tool which has gained increasing interest for the diagnosis of coronary artery disease. However, resolution and coverage are limited in perfusion CMR due to the necessity of single snapshot imaging during the first-pass of a contrast agent. Simultaneous multi-slice (SMS) imaging has the potential for high acceleration rates with minimal signal-tonoise ratio (SNR) loss. However, its utility in CMR has been limited to moderate acceleration factors due to residual leakage artifacts from the extra-cardiac tissue such as the chest and the back. Outer volume suppression (OVS) with leakageblocking reconstruction has been used to enable higher acceleration rates in perfusion CMR, but suffers from higher noise amplification. In this study, we sought to augment OVS-SMS/MB imaging with a regularized leakage-blocking reconstruction algorithm to improve image quality. Results from highly-accelerated perfusion CMR show that the method improves upon SMS-SPIRiT in terms of leakage reduction and split slice (ss)-GRAPPA in terms of noise mitigation.