Lamar Advertising Company Announces Repayment of Senior Credit Facility
BATON ROUGE, La., Dec. 12, 2012 (GLOBE NEWSWIRE) -- Lamar Advertising Company
(Nasdaq:LAMR), a leading owner and operator of outdoor advertising and logo
sign displays, announced today that its wholly owned subsidiary, Lamar Media
Corp. ("Lamar Media") has issued an irrevocable notice to repay $295 million
of the Term B loan under its senior credit facility. The Term B loan bears
interest at a rate of 4.0% and matures on December 31, 2016.The repayment is
expected to be effective on December 14, 2012.Following the repayment,
approximately $22 million will remain outstanding under the Term B loan.Lamar
Media is funding the repayment with the approximately $240 million of proceeds
remaining from its previously announced institutional private placement of
$535 million aggregate principal amount of 5% Senior Subordinated Notes due
2023, which closed on October 30, 2012, and cash from operations.
This press release contains forward-looking statements regarding Lamar Media's
expected repayment of indebtedness under its senior credit facility.These
forward-looking statements involve risks and uncertainties that could cause
results to differ materially from performance expressed or implied by these
CONTACT: Lamar Media Corp.
Chief Financial Officer
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