Lamar Advertising Co. Announces Proposed Private Offering of $400 Million Senior Subordinated Notes
January 26, 2012 at 07:45 am
Share
Lamar Advertising Co. announced that it is seeking to raise approximately $400 million through an institutional private placement of senior subordinated notes due 2022 by its subsidiary, Lamar Media Corp. Lamar Media intends to use the proceeds of this offering, after the payment of fees and expenses together with approximately $139.2 million of borrowings under the revolving portion of Lamar Media's senior credit facility, towards the purchase 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) in a tender offer, the redemption of the 6 5/8% Notes, the payment of the 6 5/8% Notes at maturity or for general corporate purposes.
Lamar Advertising Company is an outdoor advertising company. The Company rents space for advertising on billboards, buses, shelters, benches, logo plates and in airport terminals. The Company operates three types of outdoor advertising displays: billboards, logo signs and transit advertising displays. The Company owns and operates approximately 160,400 billboard advertising displays in 45 states and Canada. It rents its advertising space on two types of billboards: bulletins and posters. In addition to traditional billboards, it also rents space for digital billboards, which are generally located on traffic arteries and city streets. It owns and operates approximately 4,750 digital billboard advertising displays in 43 states and Canada. It also provides logo signs in the United States, operating approximately 23 of the 26 privatized state logo sign contracts. The Company also operates approximately 139,250 logo sign advertising displays in 23 states and the province of Ontario, Canada.