News & Events

News & Events

Lamar Advertising Company Announces Expiration of Tender Offer

Baton Rouge, LA — February 27, 2012 — Lamar Advertising Company (Nasdaq: LAMR), a leading owner and operator of outdoor advertising and logo sign displays, announced that the previously announced tender offer by its wholly owned subsidiary Lamar Media Corp. to purchase, for cash, up to $700.0 million 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”) expired at midnight, New York City time, on February 24, 2012 (the “Expiration Time”). As of the Expiration Time, $583.1 million aggregate principal amount of 6 5/8% Notes, representing approximately 69.16% of the aggregate principal amount of 6 5/8% Notes outstanding, were validly tendered and not validly withdrawn. Lamar had previously announced that, as of midnight on February 8, 2012, $582.9 million aggregate principal amount of 6 5/8% Notes were validly tendered and not validly withdrawn (the “Early Tendered Notes”) and Lamar Media accepted and settled  $483.7 million in aggregate principal amount of the Early Tendered Notes on February 9, 2012 (the “Early Settlement Date”).  

On February 27, 2012 (the “Final Settlement Date”), Lamar Media accepted and settled the $99.2 million in aggregate principal amount of remaining validly tendered 6 5/8% Notes not purchased on the Early Settlement Date and $220,000 in aggregate principal amount of 6 5/8% Notes validly tendered after the Early Settlement Date but prior to the Expiration Time. Holders who validly tendered their 6 5/8% Notes prior the Early Settlement Date received total consideration of $1,025.83 per $1,000 principal amount of the notes tendered (and not previously settled), which included an early tender payment of $20.00 per $1,000 principal amount of the notes tendered, and holders who validly tendered their 6 5/8% Notes on or after the Early Settlement Date but prior to the Expiration Time received $1,005.83 per $1,000 principal amount of notes tendered. In addition to the consideration described above, holders of 6 5/8% Notes validly tendered and accepted for purchase on the Final Settlement Date received accrued and unpaid interest on the 6 5/8% Notes up to, but not including, the Final Settlement Date. The total cash payment to purchase 6 5/8% Notes on the Final Settlement Date, including accrued and unpaid interest, was approximately $102.3 million.

Pursuant to the terms of the tender offer, 6 5/8% Notes not tendered in the tender offer will remain outstanding and the terms and conditions governing the 6 5/8% Notes, including covenants and other provisions contained in the indentures governing the 6 5/8% Notes will remain unchanged.

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Contact: 

Lamar Media Corp.
Keith Istre
Chief Financial Officer
(225) 926-1000
KI@lamar.com

Feb 22, 2012

Lamar Advertising Company Announces Fourth Quarter and Year End 2011 Operating Results

Lamar Advertising Company (Nasdaq: LAMR), a leading owner and operator of outdoor advertising and logo sign displays, announces the Company’s operating results for the fourth quarter ended December 31, 2011.

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Feb 9, 2012

Lamar Advertising Company Announces Early Settlement of Tender Offer

Lamar Advertising Company (Nasdaq: LAMR), a leading owner and operator of outdoor advertising and logo sign displays, announced today the results of the early settlement of the tender offer by its wholly owned subsidiary Lamar Media Corp. to purchase, for cash, up to $700.0 million 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”).

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