Lamar Advertising Company Announces Proposed Private Offering of Senior
BATON ROUGE, La., Oct. 25, 2012 (GLOBE NEWSWIRE) -- Lamar Advertising Company
(Nasdaq:LAMR) announced today that it is seeking to raise approximately $535
million through an institutional private placement of senior subordinated
notes due 2023 (the "Notes") by its wholly owned subsidiary, Lamar Media Corp.
Lamar Media intends to use the proceeds of this offering, after the payment of
fees and expenses, (i) to redeem $137.2million in aggregate principal amount
outstanding of Lamar Media's 65/8% Senior Subordinated Notes due 2015—Series
B and Lamar Media's 65/8% Senior Subordinated Notes due 2015—Series C,
(ii)to fund the acquisition of NextMedia Outdoor, Inc. and potential
acquisitions that are currently being evaluated by Lamar or that it may pursue
in the future or, to the extent not used to fund potential future
acquisitions, to repay a portion of the indebtedness outstanding under Lamar
Media's senior credit facility and (iii)for general corporate purposes.
This announcement is neither an offer to sell nor a solicitation of an offer
to buy the Notes.
The Notes subject to the private placement have not been registered under the
Securities Act of 1933, as amended, or any state securities laws, and are
being offered only to qualified institutional buyers in reliance on Rule144A
under the Securities Act and to non-U.S. persons in offshore transactions in
reliance on RegulationS.Unless so registered, the Notes may not be offered
or sold in the United States or to U.S. persons except pursuant to an
exemption from the registration requirements of the Securities Act and
applicable state securities laws.
This press release contains forward-looking statements regarding Lamar Media's
ability to complete this private placement and its application of net
proceeds, including the proposed acquisition of NextMedia Outdoor, Inc. and
the redemption of Lamar Media's 65/8% Notes due 2015.These forward-looking
statements involve a number of risks and uncertainties.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, as
well as Lamar Media's ability to complete the proposed acquisition of
NextMedia Outdoor, Inc., which is subject to customary closing conditions.
This news release is for informational purposes only and is not an offer to
buy, or the solicitation of an offer to sell, securities.
CONTACT: Lamar Media Corp.
Chief Financial Officer
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