News & Events

News & Events

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


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