January 19, 2017 10:41 AM ET


Company Overview of Lamar Media Corp.

Company Overview

Lamar Media Corp., together with its subsidiaries, provides outdoor advertising services in the United States and Canada. It leases advertising space on billboards, such as bulletins, which are located on highways and target vehicular traffic; and digital billboards and posters located on traffic arteries and city streets, and target vehicular and pedestrian traffic. The company also leases advertising space on logo signs located near highway exits; and transit advertising space on the exterior and interior of public transportation vehicles, in airport terminals, and on transit shelters and benches. Its logo signs advertise nearby gas, food, camping, lodging, and other attractions; and direc...

5321 Corporate Boulevard

Baton Rouge, LA 70808

United States

Founded in 1902



Key Executives for Lamar Media Corp.

Chief Executive Officer, Director and Chief Executive Officer of Lamar Advertising Company
Age: 54
Chairman, President, Chairman of Lamar Advertising Company and President of Lamar Advertising Company
Age: 61
Chief Financial Officer, Chief Accounting Officer, Treasurer, Controller and Director
Age: 63
Executive Vice President of Business Development, Director and Executive Vice President of Business Development of Lamar Advertising
Age: 55
Compensation as of Fiscal Year 2016.

Lamar Media Corp. Key Developments

Lamar Media Corp. Announces Unaudited Consolidated Earnings Results for the Three Months Ended March 31, 2016

Lamar Media Corp. announced unaudited consolidated earnings results for the three months ended March 31, 2016. For the period, net revenues were $338,533,000 against $302,477,000 a year ago. Operating income was $86,923,000 against $67,342,000 a year ago. Income before income tax expense was $53,714,000 against $42,812,000 a year ago. Net income was $51,407,000 against $40,804,000 a year ago. Net cash provided by operating activities was $33,185,000 against $38,141,000 a year ago. Capital expenditures were $20,619,000 against $29,041,000 a year ago.

Lamar Media Corp. Enters into Second Amended and Restated Credit Agreement

On March 4, 2016, Lamar Media Corp. entered into amendment no. 2 to the Second Amended and Restated Credit Agreement, dated as of February 3, 2014 (as amended, supplemented and modified from time to time, the Credit Agreement) with Lamar Advertising, certain of the company’s subsidiaries as Guarantors, JPMorgan Chase Bank, N.A. as Administrative Agent and the Lenders party thereto. Among other things,the Amendment eliminates the $500 million cap on the amount of incremental term loan tranches and revolving credit facility increases under the Credit Agreement, such that the Company's ability to incur additional incremental term loan tranches or increase its revolving credit facility is subject to pro forma compliance with the Senior Debt Ratio (as defined in the Credit Agreement) financial maintenance covenant.

Lamar Media Corp. Completes Private Placement of $400 Million Senior Notes Due 2026

On January 28, 2016, Lamar Advertising Company completed an institutional private placement of $400 million aggregate principal amount of 5 3/4% Senior Notes due 2026 of Lamar Media Corp., its wholly owned subsidiary (Lamar Media). The institutional private placement resulted in net proceeds to Lamar Media of approximately $394.5 million. The Notes were sold within the United States only to qualified institutional buyers in reliance on Rule 144A under the Securities Act of 1933, as amended and outside the United States only to non-U.S. persons in reliance on Regulation S under the Securities Act. On January 28, 2016, Lamar Media and its subsidiary guarantors entered into an Indenture with The Bank of New York Mellon Trust Company, N.A., as trustee, relating to the Notes. The Notes mature on February 1, 2026, and bear interest at a rate of 5.750% per annum, which is payable semi-annually on February 1 and August 1 of each year, beginning August 1, 2016. Interest will be computed on the basis of a 360-day year comprised of twelve 30-day months. The terms of the Indenture will, among other things, limit Lamar Media's and its restricted subsidiaries' ability to incur additional debt and issue preferred stock; make certain distributions, investments and other restricted payments; create certain liens; enter into transactions with affiliates; agree to restrictions on the restricted subsidiaries' ability to make payments to Lamar Media; merge, consolidate or sell substantially all of Lamar Media's or the restricted subsidiaries' assets; and sell assets. Lamar Media may redeem up to 35% of the aggregate principal amount of the Notes, at any time and from time to time, at a price equal to 105.750% of the aggregate principal amount so redeemed, plus accrued and unpaid interest thereon, with the net cash proceeds of certain public equity offerings completed before February 1, 2019, provided that following the redemption, at least 65% of the Notes that were originally issued remain outstanding and any such redemption occurs within 120 days following the closing of any such public equity offering. At any time prior to February 1, 2021, Lamar Media may redeem some or all of the Notes at a price equal to 100% of the aggregate principal amount, plus accrued and unpaid interest thereon and a make-whole premium. On or after February 1, 2021, Lamar Media may redeem the Notes, in whole or in part, in cash at redemption prices specified in the Notes. In addition, if the Company or Lamar Media undergoes a change of control, Lamar Media may be required to make an offer to purchase each holder's Notes at a price equal to 101% of the principal amount of the Notes, plus accrued and unpaid interest, up to but not including the repurchase date.

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Recent Private Companies Transactions

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