Baton Rouge, LA - January 26, 2012 - Lamar Advertising
Company (Nasdaq: LAMR), a leading owner and operator of
outdoor advertising and logo sign displays, announced today
that its wholly owned subsidiary, Lamar Media Corp., has
amended its previously announced tender offer to purchase a
portion of its outstanding 6 5/8% Senior Subordinated Notes
due 2015, 6 5/8% Senior Subordinated Notes due
2015-Series B and 6 5/8% Senior Subordinated Notes due
2015-Series C (collectively, the "6 5/8% Notes"). The
amendment increased the aggregate principal amount of 6 5/8%
Notes that will be purchased in the tender offer from up to
$500.0 million to up to $600.0 million. All other material
terms of the tender offer, as set forth in the Offer to
Purchase and related Letter of Transmittal, each dated as of
January 26, 2012, remain the same.
As we previously announced, the purpose of the tender offer
is to retire the debt associated with the 6
5/8% Notes. In accordance with the terms of the tender offer,
as amended, Lamar Media will fund purchases pursuant to the
tender offer from the proceeds of a private offering of
$500.0 million principal amount of new debt securities,
together with approximately $147.2 million of borrowings
under the revolving portion of Lamar Media's senior credit
facility. In addition, Lamar Media is currently in the
process of requesting a new $100.0 million term loan A
facility under its existing senior credit facility,
and Lamar Media presently expects that if it obtains the
$100.0 million term loan A facility, it may further amend the
tender offer to increase the amount of 6 5/8% Notes it is
seeking to purchase in the tender offer by an additional
$100.0 million.
The dealer manager for the tender offer is J.P. Morgan
Securities LLC. Global Bondholder Services Corporation is
acting as depositary and information agent in connection with
the tender offer. Any questions regarding procedures for
tendering notes or requests for additional copies of the
Offer to Purchase, the Letter of Transmittal and any related
documents, which are available for free and which describe
the tender offer in greater detail, should be directed to
Global Bondholder Services Corporation, whose address and
telephone number are as follows:
Global Bondholder Services Corporation
65 Broadway, Suite 404
New York, New York 10006
Holders call toll-free: (866) 873-5600
Banks and Brokers call: (212) 430-3774
Fax: (212) 430-3775
None of Lamar Media, the dealer manager, the information
agent or the depositary or their respective affiliates is
making any recommendation as to whether holders should tender
all or any portion of their notes in the tender offer.
Lamar Media is one of the largest outdoor advertising companies in the United States based on number of
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displays and has operated under the Lamar name since 1902. Lamar Media sells advertising on billboards, buses, shelters and logo signs. As of September 30, 2011, Lamar Media owned and operated approximately 144,000 billboard advertising displays in 44 states, Canada and Puerto Rico, over 110,000 logo advertising displays in 21 states and the province of Ontario, Canada, and operated over 29,000 transit advertising displays in 16 states, Canada and Puerto Rico. Lamar Media offers its customers a fully integrated service, satisfying all aspects of their billboard display requirements from ad copy production to placement and maintenance. Lamar Media's corporate headquarters is located in Baton Rouge, Louisiana.
Forward-Looking Statements
This press release contains forward-looking statements that
involve risks and uncertainties, including statements
concerning Lamar Media's expectations regarding the
completion of its private offering of new debt securities,
the completion of a $100 million term loan A facility under
its existing senior credit facility and the use of proceeds
from such facility, the sources of capital used to fund
purchases pursuant to the tender offer, and the terms and
completion of its tender offer. Among the important factors
that could cause actual results to differ materially from
those results indicated in the forward-looking statements
include uncertainties relating to market conditions for
senior debt, corporate debt and debt securities generally and
for the securities of advertising companies and for Lamar
Media in particular.
There can be no assurance that the tender offer will be
completed or that it will not be further amended or
withdrawn.
******
This news release is for informational purposes only and is not an offer to buy, or the solicitation of an offer to sell, securities, nor a solicitation for acceptance of the tender offer for the 6 5/8% Notes. The tender offer is only being made pursuant to the terms of the Offer to Purchase and the Letter of Transmittal. Holders of the 6 5/8% Notes should read these materials because they contain important information. The tender offer is not being made in any jurisdiction in which the making or acceptance thereof would not be in compliance with the securities, blue sky or other laws of such jurisdiction.
Contact:
Lamar Media Corp. Keith Istre
Chief Financial Officer
(225) 926-1000
KI@lamar.com
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