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Lamar plans to use note proceeds to purchase 2.875% convertibles
By Jennifer Chiou
New York, March 19 - Lamar Advertising Co. announced plans to repurchase some or all of its 2.875% convertible notes due 2010 using the proceeds of a proposed offering of $250 million of senior notes due 2014 by its wholly owned subsidiary, Lamar Media Corp.
The company intends to tender for the notes or negotiate one or more open market transactions.
Lamar Media said it expects to temporarily reduce outstanding amounts under the revolving portion of its senior credit facility and maintain any excess amount as cash on hand.
According to a news release, if and when Lamar Advertising's convertible notes are repaid or repurchased, Lamar Media's outstanding subordinated mirror loan owing to Lamar Advertising will be reduced by at least the amount paid by Lamar Advertising to acquire its convertible notes.
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