Nintendo Shares Slide After Earnings Miss Raises Switch 2 Margin Concerns 
Alphabet’s Massive AI Spending Surge Signals Confidence in Google’s Growth Engine 
Once Upon a Farm Raises Nearly $198 Million in IPO, Valued at Over $724 Million 
TSMC Eyes 3nm Chip Production in Japan with $17 Billion Kumamoto Investment 
Uber Ordered to Pay $8.5 Million in Bellwether Sexual Assault Lawsuit 
Nvidia CEO Jensen Huang Says AI Investment Boom Is Just Beginning as NVDA Shares Surge 
Nvidia, ByteDance, and the U.S.-China AI Chip Standoff Over H200 Exports 
Anthropic Eyes $350 Billion Valuation as AI Funding and Share Sale Accelerate 
Prudential Financial Reports Higher Q4 Profit on Strong Underwriting and Investment Gains 
OpenAI Expands Enterprise AI Strategy With Major Hiring Push Ahead of New Business Offering 
SpaceX Pushes for Early Stock Index Inclusion Ahead of Potential Record-Breaking IPO 
Nvidia Nears $20 Billion OpenAI Investment as AI Funding Race Intensifies 
Instagram Outage Disrupts Thousands of U.S. Users 
SpaceX Prioritizes Moon Mission Before Mars as Starship Development Accelerates 
Australian Scandium Project Backed by Richard Friedland Poised to Support U.S. Critical Minerals Stockpile 
Baidu Approves $5 Billion Share Buyback and Plans First-Ever Dividend in 2026 
Missouri Judge Dismisses Lawsuit Challenging Starbucks’ Diversity and Inclusion Policies 
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]
