Lamar accepts tenders for 99.9% of 2.875% convertibles in exchange offer

By Jennifer Chiou

New York, July 3 - Lamar Advertising Co. said it accepted tenders for $287.209 million, or 99.9%, of its $287.5 million of 2.875% convertible notes due 2010 in its exchange offer for the securities.

The Baton Rouge, La., provider of outdoor advertising services said it issued an equal amount of new 2.875% convertible series B notes due 2010 and cash.

The exchange offer ended at midnight ET on June 27. It began on May 31.

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 received an equal amount of new notes and $2.50 in cash.

Following the exchange, about $291,000 of the notes remains outstanding.

The dealer manager was Wachovia Securities. The exchange agent was the Bank of New York Trust Co., NA. The information agent was the Altman Group, Inc. (866 416-0551 or call collect 201 806-7300).

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