Lamar Advertising Company Prices Private Offering of Senior Notes
January 07 2021 - 8:31PM
Lamar Advertising Company (Nasdaq: LAMR) announced today that its
wholly owned subsidiary, Lamar Media Corp. (“Lamar Media”), has
agreed to sell $550.0 million in aggregate principal amount of
3.625% Senior Notes due 2031 (the “Notes”) through an institutional
private placement. The Notes will be guaranteed on a senior
unsecured basis by substantially all of Lamar Media’s domestic
subsidiaries. The proceeds, after the payment of fees and expenses,
to Lamar Media of this offering are expected to be approximately
$542.5 million. Subject to customary closing conditions, the
closing of this offering is expected on or about January 22, 2021.
Lamar Media intends to use the proceeds of this offering, after
the payment of fees and expenses, together with cash on hand and
borrowings under its senior secured revolving credit facility and
Accounts Receivable Securitization Program, to redeem all of its
outstanding $650.0 million aggregate principal amount 5 3/4% Senior
Notes due 2026.
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
135(c) 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 will be 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 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 sell, or the solicitation of an offer to buy,
securities.
Company Contact:
Buster KantrowDirector of Investor RelationsLamar Advertising
Company(225) 926-1000bkantrow@lamar.com
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