Lamar Advertising Company Prices Private Offering of Senior Notes
January 25 2016 - 5:58PM
Lamar Advertising Company (Nasdaq:LAMR) announced today that its
wholly owned subsidiary, Lamar Media Corp., has agreed to sell $400
million in aggregate principal amount of 5 3/4% Senior Notes due
2026 (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 January 28, 2016.
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 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 sell, or the solicitation of an offer to buy,
securities.
Contact:
Lamar Media Corp.
Keith Istre
Chief Financial Officer
(225) 926-1000
KI@lamar.com
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