Lamar Advertising Company Announces Acquisition of Five Markets From Clear Channel
January 07 2016 - 01:16PM
Lamar Advertising Company (Nasdaq:LAMR), a leading owner and
operator of outdoor advertising and logo sign displays, announces
today that it has acquired the assets of Clear Channel Outdoor
Holdings, Inc., (NYSE:CCO) in five U.S. markets.
"We are always thrilled to add high-quality,
REIT-eligible assets in attractive markets to our portfolio,” said
Lamar chief executive Sean Reilly. “Given Clear Channel’s
goal of focusing on its core markets, this is a transaction that
makes great sense for both of us. We look forward to bringing
our outstanding customer service and dynamic digital-advertising
capabilities to Cleveland, Seattle/Tacoma, Des Moines, Memphis and
Reno.”
The markets were purchased for $458.5 million in
cash and add more than 5,500 bulletin and poster faces, including
132 digital displays, in these five markets to Lamar’s
portfolio. Lamar expects the acquisition to be accretive to
Adjusted Funds From Operations per share in 2016.
J.P. Morgan Securities LLC acted as sole financial
advisor to Lamar on the transaction. Lamar financed the
acquisition using $160 million of revolver borrowings and a $300
million term loan bridge facility provided by J.P. Morgan Chase
Bank, N.A.
Kean Miller LLP and Locke Lord LLP acted as legal
advisors to Lamar.
Conference Call Information
A conference call will be held for investors and
analysts on Thursday, January 7, 2016 at 3:30 p.m. central
time. Instructions for the conference call and Webcast are
provided below:
|
|
Conference Call |
|
|
All Callers: |
1-334-323-0520 or 1-334-323-9871 |
Pass Code: |
Lamar |
|
|
Replay: |
1-334-323-0140 or 1-877-919-4059 |
Pass Code: |
96607718 |
|
Available through Thursday, January 14, 2016 at
11:59 p.m. eastern time |
|
|
Live Webcast: |
www.lamar.com |
|
|
Webcast Replay: |
www.lamar.com |
|
Available through Thursday, January 14, 2016 at
11:59 p.m. eastern time |
|
|
Forward Looking Statements
Statements included herein that are not
historical facts, including without limitation statements
concerning the strategic benefits of the acquisition are
forward-looking statements. Such forward-looking statements
involve a number of risks and uncertainties and are subject to
change at any time. In the event such risks or uncertainties
materialize, Lamar’s results could be materially adversely
affected. The risks and uncertainties include, but are not
limited to, difficulties in integrating the acquired markets that
may lead to in inability to realize the expected operating
efficiencies, cost savings, revenue enhancements, synergies or
other benefits at the time anticipated or at all, and other risks
and uncertainties detailed from time to time in Lamar’s filings
with the Securities and Exchange Commission, including those risks
outlined in “Item 1A: Risk Factors” in Lamar’s Annual Report on
Form 10-K for the year ended December 31, 2014.
General Information
Founded in 1902, Lamar Advertising Company is
one of the largest outdoor advertising companies in North America,
with more than 323,000 displays across the United States, Canada
and Puerto Rico. Lamar offers advertisers a variety of billboard,
interstate logo and transit advertising formats, helping both local
businesses and national brands reach broad audiences every day. In
addition to its more traditional out-of-home inventory, Lamar is
proud to offer its customers the largest network of digital
billboards in the United States with over 2,300 displays.
Company Contact:
Buster Kantrow
Director of Investor Relations
(225) 926-1000
bkantrow@lamar.com
Lamar Advertising (NASDAQ:LAMR)
Historical Stock Chart
From Feb 2024 to Mar 2024
Lamar Advertising (NASDAQ:LAMR)
Historical Stock Chart
From Mar 2023 to Mar 2024