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Lamar Advertising Company
Lamar Advertising Company
12/12/2012 | Press release
Lamar Advertising Company Announces Repayment of Senior Credit Facility Indebtedness
distributed by noodls on 12/12/2012 09:27
5321 Corporate Boulevard
Baton Rouge, LA 70808
Lamar Advertising Company Announces
Repayment of Senior Credit Facility Indebtedness
Baton Rouge, LA - December 12, 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. ("Lamar Media") has issued an irrevocable notice to repay $295 million of the Term B loan under its senior credit facility. The Term B loan bears interest at a rate of
4.0% and matures on December 31, 2016. The repayment is expected to be effective on December 14, 2012. Following the repayment, approximately $22 million will remain outstanding under the Term B loan. Lamar Media is funding the repayment with the approximately $240 million of proceeds remaining from its previously announced institutional private placement of $535 million aggregate principal amount of 5% Senior Subordinated Notes due 2023, which closed on October 30, 2012, and cash from operations.
Forward-Looking Statements
This press release contains forward-looking statements regarding Lamar Media's expected repayment of indebtedness under its senior credit facility. These forward-looking statements involve risks and uncertainties that could cause results to differ materially from performance expressed or implied by these forward-looking statements.
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Contact:
Lamar Media Corp. Keith Istre
Chief Financial Officer
(225) 926-1000
KI@lamar.com
AM 17845491.2
