Lamar Advertising Company Prices Private Offering of Senior Notes

Written by Customer Service on . Posted in Public Companies.

BATON ROUGE, La., May 11, 2020 (GLOBE NEWSWIRE) — Lamar Advertising Company (Nasdaq: LAMR) announced today that its wholly owned subsidiary, Lamar Media Corp., has agreed to sell $400.0 million in aggregate principal amount of 4 7/8% Senior Notes due 2029 (the “Notes”) through an institutional private placement.  The proceeds, after the payment of fees and expenses, to Lamar Media of this offering are expected to be approximately $394.5 million.  Subject to customary closing conditions, the closing of this offering is expected on or about May 13, 2020.
Lamar Media intends to use the proceeds of this offering, after the payment of fees and expenses, (i) to ‎ repay indebtedness outstanding under the revolving portion of its senior credit facility‎, and (ii) the remainder, if any, to fund working capital needs or for general corporate purposes.This press release shall not constitute an offer to sell, or the solicitation of an offer to buy, any securities, nor shall there be any sales of the Notes in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. This notice is being issued pursuant to and in accordance with Rule 135c under the Securities Act of 1933, as amended (the “Securities Act”).The Notes and related guarantees subject to the private placement have not been registered under the Securities Act, or any state securities laws, and are being offered only to qualified institutional buyers in reliance on Rule 144A under the Securities Act and to non-U.S. persons in offshore transactions in reliance on Regulation S.  Unless so registered, the Notes and related guarantees may not be offered or sold in the United States or to U.S. persons except pursuant to an exemption from the registration requirements of the Securities Act and applicable state securities laws.Forward-Looking StatementsThis press release contains forward-looking statements regarding Lamar Media’s ability to complete the private placement and its application of net proceeds.  These forward-looking statements involve a number of risks and uncertainties.  Among the important factors that could cause actual results to differ materially from those results indicated in the forward-looking statements are uncertainties relating to market conditions for corporate debt securities generally and for the securities of advertising companies and for Lamar Media in particular.This news release is for informational purposes only and is not an offer to buy, or the solicitation of an offer to sell, securities.
Company Contact:Buster Kantrow
Director of Investor Relations
Lamar Advertising Company
(225) 926-1000
bkantrow@lamar.com

Disclaimer & Cookie Notice

Welcome to GOLDEA services for Professionals

Before you continue, please confirm the following:

Professional advisers only

I am a professional adviser and would like to visit the GOLDEA CAPITAL for Professionals website.

Cookie Notice

We use cookies to improve your experience on our website

Information we collect about your use of Goldea Capital website

Goldea Capital website collects personal data about visitors to its website.

When someone visits our websites, we use a third party service, Google Analytics, to collect standard internet log information (such as IP address and type of browser they’re using) and details of visitor behavior patterns. We do this to allow us to keep track of the number of visitors to the various parts of the sites and understand how our website is used. We do not make any attempt to find out the identities or nature of those visiting our websites. We won’t share your information with any other organizations for marketing, market research or commercial purposes and we don’t pass on your details to other websites.

Use of cookies
Cookies are small text files that are placed on your computer or other device by websites that you visit. They are widely used to make websites work, or work more efficiently, as well as to provide information to the owners of the site.