Lamar Advertising Company Prices Private Offering of Senior Subordinated Notes
BATON ROUGE, La., Oct. 25, 2012 (GLOBE NEWSWIRE) -- Lamar Advertising Company
(Nasdaq:LAMR) announced today that its wholly owned subsidiary, Lamar Media
Corp., has agreed to sell $535 million in aggregate principal amount of 5.00%
Senior Subordinated Notes due 2023 (the "Notes") through an institutional
private placement. The proceeds, after the payment of fees and expenses, to
Lamar Media of this offering are expected to be approximately $527.1 million.
Subject to customary closing conditions, the closing of this offering is
expected on or about October30, 2012.
Lamar Media intends to use the proceeds of this offering, after the payment of
fees and expenses, (i) to redeem $137.2 million in aggregate principal amount
outstanding of Lamar Media's 6 5/8% Senior Subordinated Notes due 2015—Series
B and Lamar Media's 6 5/8% 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 6 5/8% Senior Subordinated Notes due
2015—Series B and Lamar Media's 6 5/8% Senior Subordinated Notes due
2015—Series C.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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