Add to balance / Manage account | User: | Log out |
Prospect News home > News index > List of issuers T > Headlines for Tenders 2007 > News item |
Lamar Advertising starts exchange offer for 2.875% convertibles
By Jennifer Chiou
New York, May 31 - Lamar Advertising Co. said it began an exchange offer for all $287.5 million of its 2.875% convertible notes due 2010.
The Baton Rouge, La., provider of outdoor advertising services said it will issue an equal amount of new 2.875% convertible series B notes due 2010 and cash.
The new notes have some different terms, including the type of consideration Lamar may use to pay holders who convert their notes. The new notes are convertible into class A common stock, cash or a combination, at Lamar's option.
The old notes are convertible solely into Lamar's class A common stock.
For each $1,000 principal amount of notes tendered for exchange, holders will receive an equal amount of new notes and $2.50 in cash.
The exchange offer ends at midnight ET on June 27.
The dealer manager is Wachovia Securities. The exchange agent is the Bank of New York Trust Co., NA. The information agent is the Altman Group, Inc. (866 416-0551 or call collect 201 806-7300).
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.