Lamar Media to redeem rest of series C notes via new note proceeds

By Ashley Montgomery

Kansas City, Kan., Oct. 31 - Lamar Advertising Co. subsidiary Lamar Media Corp. plans to redeem all of its $71,118,000 of 6 5/8% series C senior subordinated notes due 2015, according to a notice.

The notes are expected to be redeemed on Nov. 29 at 101.104 plus accrued interest up to the redemption date.

The company said it would fund the redemption with proceeds from its $535 million private placement of 5% senior subordinated notes due 2023.

As previously reported, the company plans to redeem $30 million of the series C notes and all $36,099,000 of its 6 5/8% senior subordinated series B notes due 2015 on Nov. 8 at 101.104 plus accrued interest up to the redemption date.

Following the Nov. 6 and Nov. 29 repurchases, none of the series C notes will remain outstanding.

Bank of New York Mellon Trust Co., NA is the trustee.

Lamar Media is a wholly owned subsidiary of Lamar Advertising Co., a Baton Rouge, La.-based provider of outdoor advertising services.

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