Lamar Advertising Company Announces Commencement of Exchange Offer for 5 3/4% Senior Notes due 2026
August 01 2016 - 01:00PM
Lamar Advertising Company (Nasdaq:LAMR) announced today that its
wholly owned subsidiary, Lamar Media Corp., has commenced an offer
to exchange all of its outstanding 5 3/4% Senior Notes due 2026
(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 5 3/4% Senior Notes due 2026
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not withdrawn prior to 5:00 p.m., New York City time, on August 26,
2016 (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Notes may be withdrawn at any time prior to 5:00 p.m., New York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 1, 2016.
Copies of the prospectus and the related letter of transmittal may
be obtained from The Bank of New York Mellon Trust Company, N.A.,
which is serving as the exchange agent for the exchange offer. The
Bank of New York Mellon Trust Company, N.A. can be contacted
at:
The Bank of New York Mellon Trust Company, N.A., as Exchange
Agentc/o The Bank of New York Mellon CorporationCorporate Trust
Operations – Reorganization Unit111 Sanders Creek ParkwayEast
Syracuse, New York 13057Facsimile: 732-667-9408This 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 1, 2016,
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 (Nasdaq:LAMR) is one
of the largest outdoor advertising companies in North America, with
more than 325,000 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 2,500 displays. Please
feel free to explore our website www.lamar.com or contact us
for additional information.
Contact:
Lamar Media Corp.
Buster Kantrow
Director of Investor Relations
(225) 926-1000
bkantrow@lamar.com
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