Lamar Advertising Company Announces Extension of Stock and Debt Repurchase Programs
September 20 2021 - 4:00PM
Lamar Advertising Company (Nasdaq: LAMR), a leading owner and
operator of outdoor advertising and logo sign displays, announces
that its board of directors has authorized the extension of its
existing (i) stock repurchase program, which provides for the
repurchase up to $250 million of its Class A common stock and (ii)
its debt repurchase program, which provides for the repurchase by
Lamar Media Corp., its wholly owned subsidiary, of up to $250
million of Lamar Media Corp.’s outstanding senior notes and other
indebtedness outstanding from time to time under Lamar Media
Corp.’s credit agreement. The repurchase programs, which were
previously set to expire on September 30, 2021, have been extended
through March 31, 2023. The repurchase programs may be further
extended, suspended or discontinued at any time.
Such repurchases may be made on the open market or in privately
negotiated transactions. The timing and amount of any repurchases
will be determined by the company’s management based on its
evaluation of market conditions and other factors. As of the date
hereof, no repurchases have been made under the existing repurchase
programs. The company may also establish 10b5-1 trading plans from
time to time that will provide flexibility if and when it buys back
securities.
Forward-Looking StatementsThis press release
contains “forward-looking statements” concerning Lamar Advertising
Company’s goals, beliefs, expectations, strategies, objectives,
plans, future operating results and underlying assumptions and
other statements that are not necessarily based on historical
facts. Actual results may differ materially from those indicated in
our forward-looking statements as a result of various factors,
including those factors set forth in Item 1A of our Annual Report
on Form 10-K for the year ended December 31, 2020, as supplemented
by any risk factors contained in our Quarterly Reports on Form 10-Q
and our Current Reports on Form 8-K. We undertake no obligation to
update the information contained in this press release to reflect
subsequently occurring events or circumstances.
About Lamar Advertising CompanyFounded in 1902,
Lamar Advertising Company is one of the largest outdoor advertising
companies in North America, with approximately 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
RelationsLamar Advertising Company(225)
926-1000bkantrow@lamar.com
Lamar Advertising (NASDAQ:LAMR)
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