Lamar Advertising to redeem $510 million 5 3/8% notes via new notes

By Sarah Lizee

Olympia, Wash., Jan. 21 – Lamar Advertising Co. plans to redeem all of its outstanding $510 million 5 3/8% senior notes due 2024 (Cusip: ý513075BH3) using proceeds from new notes, according to a press release.

The redemption is subject to a financing condition. Lamar Advertising, through its wholly owned subsidiary Lamar Media Corp., plans to sell $1 billion in notes.

If the condition is met, the 5 3/8% notes will be redeemed on Feb. 20 at 101.792 plus accrued interest to but excluding the redemption date.

Proceeds from the new notes will also be used to repay its term A loans and some revolver borrowings.

Any remaining proceeds will be used for general corporate purposes.

Lamar is a Baton Rouge, La.-based outdoor advertising company.

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