Lamar Advertising augments conversion rate of 2.875% notes

By Jennifer Chiou

New York, March 23 - Lamar Advertising Co. said that the conversion rate of its 2.875% convertibles notes due 2010 will be increased to 20.4518 shares per $1,000 principal amount of notes due to a special cash dividend of $3.25 per share.

The conversion rate was raised from 19.4148 shares per $1,000 principal amount of notes.

The Baton Rouge, La., provider of outdoor advertising services said that the special cash dividend will be paid on March 30.

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