Lamar Advertising (LAMR) Amends Notes Tender, Increases to $600M
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Lamar Advertising Company (Nasdaq: LAMR), reports its wholly owned subsidiary, Lamar Media Corp., has amended its previously announced tender offer to purchase a portion 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"). The amendment increased the aggregate principal amount of 6 5/8% Notes that will be purchased in the tender offer from up to $500.0 million to up to $600.0 million. All other material terms of the tender offer, as set forth in the Offer to Purchase and related Letter of Transmittal, each dated as of January 26, 2012, remain the same.
As we previously announced, the purpose of the tender offer is to retire the debt associated with the 6 5/8% Notes. In accordance with the terms of the tender offer, as amended, Lamar Media will fund purchases pursuant to the tender offer from the proceeds of a private offering of $500.0 million principal amount of new debt securities, together with approximately $147.2 million of borrowings under the revolving portion of Lamar Media's senior credit facility. In addition, Lamar Media is currently in the process of requesting a new $100.0 million term loan A facility under its existing senior credit facility, and Lamar Media presently expects that if it obtains the $100.0 million term loan A facility, it may further amend the tender offer to increase the amount of 6 5/8% Notes it is seeking to purchase in the tender offer by an additional $100.0 million.
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As we previously announced, the purpose of the tender offer is to retire the debt associated with the 6 5/8% Notes. In accordance with the terms of the tender offer, as amended, Lamar Media will fund purchases pursuant to the tender offer from the proceeds of a private offering of $500.0 million principal amount of new debt securities, together with approximately $147.2 million of borrowings under the revolving portion of Lamar Media's senior credit facility. In addition, Lamar Media is currently in the process of requesting a new $100.0 million term loan A facility under its existing senior credit facility, and Lamar Media presently expects that if it obtains the $100.0 million term loan A facility, it may further amend the tender offer to increase the amount of 6 5/8% Notes it is seeking to purchase in the tender offer by an additional $100.0 million.
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