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Lamar Advertising to buy back $153.63 million 2.875% convertibles in tender offer
By Susanna Moon
Chicago, April 20 - Lamar Advertising Co. said investors tendered $153.63 million principal amount, or 53.5%, of its 2.875% series B convertible notes due 2010.
The tender offer expired at midnight ET at the end of April 17.
As previously noted, Lamar will pay $920 for each $1,000 principal amount of the notes plus accrued interest to the payment date, which was expected to be April 20.
The offer was not contingent upon any minimum number of notes being tendered but required that Lamar Media Corp., Lamar's wholly owned subsidiary, complete its previously announced offering of 9.75% senior notes due 2014.
J.P. Morgan Securities Inc. and Wachovia Capital Markets, LLC were the dealer managers. Global Bondholder Services Corp. (866 857-2200 or 212 430-3774 for banks and brokers) was depository and information agent.
Lamar is a Baton Rouge, La.-based provider of outdoor advertising services.
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