Lamar Advertising Company Announces Commencement of Exchange Offer for 3 5/8% Senior Notes due 2031
August 04 2021 - 4:00PM
Lamar Advertising Company (Nasdaq: LAMR) announced today that its
wholly owned subsidiary, Lamar Media Corp., has commenced an offer
to exchange all $550.0 million of its outstanding 3 5/8% Senior
Notes due 2031 (the “Original Notes”), which are not registered
under the Securities Act of 1933, as amended (the “Securities
Act”), for an equal principal amount of newly issued 3 5/8% Senior
Notes due 2031 that have been registered under the Securities Act
(the “Exchange Notes”).
The Exchange Notes are substantially identical to the Original
Notes, except that the Exchange Notes have been registered under
the Securities Act and will not bear any legend restricting their
transfer. The Exchange Notes will be issued only upon cancellation
of a like amount of currently outstanding Original Notes. Lamar
Media will not receive any proceeds from the exchange offer.
Lamar Media is making this exchange offer to satisfy its
obligations under a registration rights agreement entered into when
it issued the Original Notes. Any Original Notes not tendered for
exchange in the exchange offer will remain outstanding and continue
to accrue interest, and Lamar Media will have no further obligation
to provide for the registration of such notes under the Securities
Act, except under certain limited circumstances.
Pursuant to the terms of the exchange offer, Lamar Media will
accept for exchange any and all Original Notes validly tendered and
not withdrawn prior to 5:00 p.m., New York City time, on September
1, 2021 (the “Expiration Date”), unless extended. Tenders of
Original Notes may be withdrawn at any time prior to 5:00 p.m., New
York City time, on the Expiration Date.
The terms of the exchange offer and other information relating
to Lamar Media are set forth in a prospectus dated August 4, 2021.
Copies of the prospectus and the related letter of transmittal may
be obtained from U.S. Bank National Association, which is serving
as the exchange agent for the exchange offer. U.S. Bank National
Association can be contacted at:
U.S. Bank National Association, as Exchange Agent111 Fillmore
AvenueSt. Paul, MN 55107-1402Attn: CTS Specialized Finance
Corporate Actions1-800-934-6802
This press release does not constitute an offer to purchase any
securities or the solicitation of an offer to sell any securities.
The exchange offer is being made only pursuant to the prospectus
dated August 4, 2021, and the related letter of transmittal and
only to such persons and in such jurisdictions as is permitted
under applicable law.
Forward-Looking Statements
This press release includes “forward-looking statements,” which
are statements other than statements of historical fact and are
often characterized by the use of words such as “believes,”
“expects,” “estimates,” “projects,” “may,” “will,” “intends,”
“plans” or “anticipates,” or by discussions of strategy, plans or
intentions. All forward-looking statements in this press release
are made based on management’s current expectations and estimates,
which involve risks, uncertainties and other factors that could
cause results to differ materially from those expressed in
forward-looking statements. 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.
General Information
Founded in 1902, Lamar Advertising Company is one of the largest
outdoor advertising companies in North America, with over 352,000
displays across the United States and Canada. Lamar offers
advertisers a variety of billboard, interstate logo, transit and
airport 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 3,700 displays.
Company Contact: Buster KantrowDirector of
Investor Relations(225) 926-1000bkantrow@lamar.com
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