Lamar Media accepts early tenders for $365.39 million of 7¼% notes

By Jennifer Chiou

New York, April 22 - Lamar Advertising Co. said its wholly owned subsidiary Lamar Media Corp. accepted early tenders for $365.39 million of its $385 million of 7¼% senior subordinated notes due 2013.

Lamar also is soliciting consents from holders to amend the notes, and it said it entered into a supplemental indenture after having received consents from holders of a majority of notes.

The company paid $1,012.08 per $1,000 principal amount of notes tendered, including a $20.00 consent payment for those who tendered their notes prior to midnight ET on April 21.

The company also paid accrued interest to the settlement date.

In all for the early settlement on April 22, Lamar said it paid $377,971,900 for the tendered securities.

The tender offer will end at midnight ET on May 5. The final settlement date will be the first business day following the expiration time.

The company will fund purchases under the tender offer with the proceeds of a private offering of about $400 million principal amount of senior subordinated notes.

J.P. Morgan Securities Inc. is the dealer manager. Global Bondholder Services Corp. (866 857-2200 or banks and brokers 212 430-3774) is the depositary and information agent.

Lamar is a Baton Rouge, La.-based provider of outdoor advertising services.

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