BHP's Incoming CEO Visits China Amid Pricing Dispute with CMRG 
U.S. Automakers Push Back Against EU Rules Blocking American Trucks from European Market 
SpaceX IPO: Retail Investors to Play Historic Role in Record-Breaking Public Offering 
China's AI Stocks Surge as Zhipu and MiniMax Hit Record Highs 
TSMC Posts Strong Q1 2025 Revenue, Riding AI Chip Demand Wave 
Bill Ackman Eyes New Fund to Bet Against Market Complacency 
Abbott Laboratories Ordered to Pay $53 Million in Premature Infant Formula Lawsuit 
Chalco Stock Surges as Q1 2025 Profit Forecast Jumps Up to 58% 
Anthropic's Mythos AI Model Sparks Emergency Cybersecurity Meeting With Top U.S. Bank CEOs 
Lumentum Holdings Rides AI Wave With Order Book Filled Through 2028 
China Vanke Seeks Bond Extension Amid Mounting Debt Crisis 
Bank of America Identifies Top Asia-Pacific Semiconductor Stocks Poised for AI-Driven Growth 
Apple's Foldable iPhone Faces Engineering Setbacks, Mass Production Timeline at Risk 
FedEx Pilots and Union Reach Tentative Agreement on 40% Pay Increase 
LG Electronics Posts Record Q1 Revenue Amid Strong Demand and Cost Improvements 
Anthropic Fights Pentagon Blacklisting in Dual Federal Court Battles 
Alibaba Shares Slide as Jefferies Slashes Price Target Over AI Spending and Business Losses 
BATON ROUGE, La., Jan. 25, 2016 -- Lamar Advertising Company (Nasdaq:LAMR) announced today that its wholly owned subsidiary, Lamar Media Corp., has agreed to sell $400 million in aggregate principal amount of 5 3/4% Senior Notes due 2026 (the “Notes”) through an institutional private placement. The proceeds, after the payment of fees and expenses, to Lamar Media of this offering are expected to be approximately $394.5 million. Subject to customary closing conditions, the closing of this offering is expected on or about January 28, 2016.
Lamar Media intends to use the proceeds of this offering, after the payment of fees and expenses, to repay (i) the $300 million Term A-1 loan that it borrowed on January 7, 2016 to fund the acquisition of certain assets of Clear Channel Outdoor Holdings, Inc. and (ii) a portion of the borrowings outstanding under its revolving credit facility.
This announcement is neither an offer to sell nor a solicitation of an offer to buy the Notes.
The Notes subject to the private placement have not been registered under the Securities Act of 1933, as amended, or any state securities laws, and are being offered only to qualified institutional buyers in reliance on Rule 144A under the Securities Act and to non-U.S. persons in offshore transactions in reliance on Regulation S. Unless so registered, the Notes may not be offered or sold in the United States or to U.S. persons except pursuant to an exemption from the registration requirements of the Securities Act and applicable state securities laws.
Forward-Looking Statements
This press release contains forward-looking statements regarding Lamar Media’s ability to complete the private placement and its application of net proceeds. These forward-looking statements involve a number of risks and uncertainties. Among the important factors that could cause actual results to differ materially from those results indicated in the forward-looking statements are uncertainties relating to market conditions for corporate debt securities generally and for the securities of advertising companies and for Lamar Media in particular.
This news release is for informational purposes only and is not an offer to sell, or the solicitation of an offer to buy, securities.
Contact: Lamar Media Corp. Keith Istre Chief Financial Officer (225) 926-1000 [email protected]
