Published on 5/11/2020 in the Prospect News High Yield Daily.
New Issue: Lamar Media prices $400 million 4 7/8% senior notes due 2029 at par to yield 4.877%
By Paul A. Harris
Portland, Ore., May 11 – Lamar Media Corp. priced a $400 million issue of 4 7/8% senior notes due Jan. 15, 2029 (Ba3/BB-) at par to yield 4.877% in a Monday drive-by, according to market sources.
Wells Fargo Securities LLC was the left bookrunner. Joint bookrunners were BofA Securities Inc., Citigroup Global Markets Inc., Deutsche Bank Securities Inc., J.P. Morgan Securities LLC, SunTrust Robinson Humphrey Inc., Barclays, Mizuho Securities USA Inc., PNC Capital Markets LLC, Scotia Capital (USA) Inc., SMBC Nikko Securities America Inc. and TD Securities (USA) LLC.
The yield printed tight to yield talk in the 5% area. Initial talk had the notes coming to yield in the mid-5% area.
The Baton Rouge, La.-based outdoor advertising company plans to use the proceeds for general corporate purposes, including paying down its revolving credit facility.
| Issuer: | Lamar Media Corp.
|
| Amount: | $400 million
|
| Maturity: | Jan. 15, 2029
|
| Securities: | Senior notes
|
| Left bookrunner: | Wells Fargo Securities LLC
|
| Joint bookrunners: | BofA Securities Inc., Citigroup Global Markets Inc., Deutsche Bank Securities Inc., J.P. Morgan Securities LLC, SunTrust Robinson Humphrey Inc., Barclays, Mizuho Securities USA Inc., PNC Capital Markets LLC, Scotia Capital (USA) Inc., SMBC Nikko Securities America Inc. and TD Securities (USA) LLC
|
| Co-managers: | Credit Suisse Securities (USA) LLC, Hancock Whitney and U.S. Bancorp Investments Inc.
|
| Coupon: | 4 7/8%
|
| Price: | Par
|
| Yield: | 4.877%
|
| Spread: | 420 bps
|
| First call: | Jan. 15, 2024 at 102.438
|
| Equity clawback: | 40% at 104.875 until May 15, 2023
|
| Trade date: | May 11
|
| Settlement date: | May 13
|
| Ratings: | Moody's: Ba3
|
| S&P: BB-
|
| Distribution: | Rule 144A and Regulation S with registration rights
|
| Price talk: | 5% area
|
| Marketing: | Drive-by
|
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