Lamar Advertising Company Proposes Private Offering of an Additional $250 Million of 5 3/4% Senior Notes Due 2026
January 23, 2019 at 08:06 am EST
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Lamar Advertising Company announced that it is seeking to raise approximately $250 million through an institutional private placement of additional 5 3/4% Senior Notes due 2026 (the “Notes”) by its wholly owned subsidiary, Lamar Media Corp. (“Lamar Media”). The Notes are being offered as additional notes to the existing $400 million aggregate principal amount of 5 3/4% Senior Notes due 2026 that Lamar Media issued on January 28, 2016 (the “Existing Notes”). Other than with respect to the date of issuance, issue price and CUSIP number, the Notes will have the same terms as the Existing Notes. Once the Notes are registered and exchanged for exchange notes or become freely tradeable under Rule 144, Lamar Media expects that the Notes and the Existing Notes will share a single CUSIP number and thereafter be fungible. The Notes will be guaranteed on a senior unsecured basis by substantially all of Lamar Media’s domestic subsidiaries. The completion of the proposed offering depends upon several factors, including market conditions. Lamar Media intends to use the proceeds of this offering, after the payment of fees and expenses, to repay a portion of the borrowings outstanding under its revolving credit facility.
Lamar Advertising Company is an outdoor advertising company. The Company rents space for advertising on billboards, buses, shelters, benches, logo plates and in airport terminals. The Company operates three types of outdoor advertising displays: billboards, logo signs and transit advertising displays. The Company owns and operates approximately 160,400 billboard advertising displays in 45 states and Canada. It rents its advertising space on two types of billboards: bulletins and posters. In addition to traditional billboards, it also rents space for digital billboards, which are generally located on traffic arteries and city streets. It owns and operates approximately 4,750 digital billboard advertising displays in 43 states and Canada. It also provides logo signs in the United States, operating approximately 23 of the 26 privatized state logo sign contracts. The Company also operates approximately 139,250 logo sign advertising displays in 23 states and the province of Ontario, Canada.