Lamar Advertising Company Announces Redemption of 5 7/8% Senior Subordinated Notes Due 2022
February 16 2018 - 4:05PM
Lamar Advertising Company (Nasdaq:LAMR), a leading owner and
operator of outdoor advertising and logo sign displays, today
announced that its wholly owned subsidiary, Lamar Media Corp.
(“Lamar Media”), intends to redeem in full all $500,000,000 in
aggregate principal amount of its outstanding 5 7/8% Senior
Subordinated Notes due 2022 (CUSIP No. 513075BB6) (the “Notes”).
The redemption will be made in accordance with the terms of the
indenture governing the Notes and the terms of the notice of
redemption.
Lamar Media expects the Notes to be redeemed on March 19, 2018
(the “Redemption Date”) at a redemption price equal to 101.958% of
the aggregate principal amount of the outstanding Notes, plus
accrued and unpaid interest to (but not including) the Redemption
Date (the “Redemption Price”). The Redemption Price will be due and
payable on the Redemption Date upon surrender of the Notes. Lamar
intends to fund the redemption through borrowings from the
establishment of a new term loan facility under Lamar Media’s
senior credit facility (the “Term Loan”). Lamar Media expects to
amend its senior credit agreement to establish the Term Loan on or
before the Redemption Date. Lamar Media’s lenders have no
obligation to establish additional term loan facilities (including
the Term Loan) under the credit facility, but may enter into such
commitments in their sole discretion.
A notice of redemption is being mailed to all registered holders
of the Notes by The Bank of New York Mellon Trust Company N.A., the
trustee for the Notes. Copies of the notice of redemption may be
obtained from The Bank of New York Mellon by calling
1-800-254-2826.
This announcement is for informational purposes only and is not
an offer to purchase or sell or a solicitation of an offer to
purchase or sell, with respect to the Notes or any other
securities.
Forward-Looking Statements
This press release contains certain forward-looking statements
within the meaning of the Private Securities Litigation Reform Act
of 1995, including statements regarding Lamar Media’s ability to
fund redemption of the Notes and establish a new term loan facility
under its senior credit agreement. These statements are based on
management’s current expectations or beliefs, and are subject to
uncertainty and changes in circumstances. Actual results may vary
materially from those expressed or implied by the statements
included herein due to changes in economic, business, competitive,
technological, strategic and/or regulatory factors and other
factors affecting the operation of the businesses of Lamar Media.
More detailed information about these factors may be found in the
filings made by Lamar Advertising Company and Lamar Media with the
Securities and Exchange Commission, including in the Risk Factors
section of their combined Annual Report on Form 10-K for the year
ended December 31, 2016, and to the extent applicable,
subsequently filed Quarterly Reports on Form 10-Q and Current
Reports on Form 8-K. Lamar is under no obligation, and expressly
disclaims any such obligation, to update or alter its
forward-looking statements, whether as a result of new information,
future events, or otherwise, except as required by law.
Contact:
Lamar Media Corp. Keith Istre Chief Financial Officer
(225) 926-1000 KI@lamar.com
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