Lamar Advertising Company Announces Proposed Private Offering of Senior Notes
January 25 2016 - 8:16AM
Lamar Advertising Company (Nasdaq:LAMR) announced today that it is
seeking to raise approximately $400 million through an
institutional private placement of senior notes due 2026 (the
“Notes”) by its wholly owned subsidiary, Lamar Media Corp.
Lamar Media intends to use the proceeds of this offering, after
the payment of fees and expenses, to repay (i) the $300
million Term A-1 loan that it borrowed on January 7, 2016 to fund
the acquisition of certain assets of Clear Channel Outdoor
Holdings, Inc. and (ii) a portion of the borrowings
outstanding under its revolving credit facility.
This announcement is neither an offer to sell nor a solicitation
of an offer to buy the Notes.
The Notes subject to the private placement have not been
registered under the Securities Act of 1933, as amended, 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 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 Statements
This press release contains forward-looking statements regarding
Lamar Media’s ability to complete this 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 include 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.
Contact:
Lamar Media Corp.
Keith Istre
Chief Financial Officer
(225) 926-1000
KI@lamar.com
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