Press Releases

BATON ROUGE, La., Feb. 9, 2012 (GLOBE NEWSWIRE) -- 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"). 

As of midnight, New York City time, on February 8, 2012, Lamar Media received tenders in respect of $582.9 million aggregate principal amount of 6 5/8% Notes, $483.7 million of which have been accepted for purchase by Lamar Media. The holders of accepted notes received total consideration of $1,025.83 per $1,000 principal amount of the notes tendered, which included an early tender payment of $20.00 per $1,000 principal amount of the notes tendered. The total cash payment to purchase 6 5/8% Notes, including accrued and unpaid interest up to but excluding the February 9, 2012 early settlement date, was $511.6 million.

Holders who have not already tendered 6 5/8% Notes may continue to do so at any time prior to the expiration of the tender offer at midnight, New York City time, on February 24, 2012, unless extended or earlier terminated. However, such holders will not be entitled to receive any early tender payment. Withdrawal rights for the tender offer have expired.

The dealer manager for the tender offer is J.P. Morgan Securities LLC.  Global Bondholder Services Corporation is acting as depositary and information agent in connection with the tender offer. 

None of Lamar Media, the dealer manager, the information agent or the depositary or their respective affiliates is making any recommendation as to whether holders should tender all or any portion of their notes in the tender offer.

This news release is for informational purposes only and is not an offer to buy, or the solicitation of an offer to sell, securities, nor a solicitation for acceptance of the tender offer for the 6 5/8% Notes. The tender offer is only being made pursuant to the terms of the Offer to Purchase and the Letter of Transmittal. Holders of the 6 5/8% Notes should read these materials because they contain important information. The tender offer is not being made in any jurisdiction in which the making or acceptance thereof would not be in compliance with the securities, blue sky or other laws of such jurisdiction.

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

CHICAGO, IL -- (MARKET WIRE) -- 02/09/12 -- KBS Legacy Partners Apartment REIT has acquired Poplar Creek, a 196-unit apartment complex located in Schaumburg, Ill., a prominent suburb of Chicago. The 12.8-acre complex was acquired free and clear of existing debt. Occupancy stands at 95 percent.

The purchase price of Poplar Creek was $27.2 million. KBS Legacy Partners Apartment REIT funded the acquisition of Poplar Creek with a $20.4 million seven-year multifamily note and proceeds from its ongoing initial public offering. The mortgage note bears interest at a fixed rate of 4.0% and monthly payments are interest-only during the first two years of the loan, followed by principal and interest payments with principal calculated using an amortization schedule of 30 years.

Built in 1986 and partially renovated in 2007, Poplar Creek offers one and two-bedroom configurations in 20 two-story residential buildings. Onsite amenities include a resort-style swimming pool, a 404-space parking lot and direct access to a fitness park with tennis and basketball courts, baseball diamond and soccer field. The community is also proximate to the Schaumburg rail station on Metra's Milwaukee District/West Line, offering direct access to Elgin, Ill. and Chicago.

One of Chicago's most economically vibrant suburbs, Schaumburg is home to 5,700 retail, office and industrial companies, representing the largest concentration of Illinois businesses outside Chicago.

ABOUT KBS LEGACY PARTNERS APARTMENT REIT KBS Legacy Partners Apartment REIT is a joint venture sponsored by KBS Capital Advisors LLC and Legacy Partners Residential Realty LLC. KBS Capital Advisors is owned and controlled by Charles Schreiber, Peter Bren, Peter McMillan and Keith Hall. Legacy Partners Residential Realty is owned and controlled by C. Preston Butcher, W. Dean Henry and Guy K. Hays.

Media Contacts:
Cindy Tullues or Bob Ochsner
DGWB for KBS Realty Advisors
(714) 881-2310
ctullues@dgwb.com
bochsner@dgwb.com

Source: KBS Realty Advisors

VOORHEES, N.J.--(BUSINESS WIRE)-- New Jersey American Water’s new Canoe Brook Water Treatment Plant will not be complete until June 2012, but already the state-of-the art facility in Short Hills is garnering plenty of attention. In recent weeks, the water treatment plant has won recognition from New Jersey Alliance for Action and the Climate Change Business Journal.

The Alliance for Action labeled the construction of the Canoe Brook plant as “New Jersey’s Leading Infrastructure Award” for “rebuilding a turn of the century plant.”

New Jersey American Water garnered the Climate Change Business Journal’s “Project Merritt: Solar” award for its floating solar array on a reservoir at the Canoe Brook Plant. New Jersey. The solar field is the first on the East Coast designed to withstand a freeze thaw environment. The 400 solar modules will produce 135,000 kilowatt hours per year.

“We are thrilled to receive recognition from the Climate Change Business Journal for one of the new ways we are using green energy,” said Suzanne Chiavari, Vice President of Engineering at New Jersey American Water. “Sustainability and solar power will continue to be an emphasis for us as we continue to look for ways to control costs and be a good environmental steward.”

New Jersey American Water, a wholly owned subsidiary of American Water (NYSE: AWK), is the largest investor-owned water utility in the state, providing high-quality and reliable water and/or wastewater services to approximately 2.5 million people. Founded in 1886, American Water is the largest publicly traded U.S. water and wastewater utility company. With headquarters in Voorhees, N.J., the company employs more than 7,000 dedicated professionals who provide drinking water, wastewater and other related services to approximately 15 million people in more than 30 states, as well as parts of Canada. More information can be found by visiting www.amwater.com.

New Jersey American WaterRichard G. Barnes, 856-782-2371richard.barnes@amwater.com

Source: New Jersey American Water

BALA CYNWYD, Pa.--(BUSINESS WIRE)-- Entercom Communications (NYSE: ETM) announced today that it will release fourth quarter 2011 financial results after the market closes on Tuesday, February 28, 2012.

Entercom will hold a conference call regarding the quarterly earnings release on Tuesday, February 28, 2012 at 4:30 PM Eastern Time. The public may access the conference call by dialing 888-889-0278 (passcode: Entercom).

A replay of the conference call will be available for one week by dialing 800-679-9655. A webcast of the conference call will be available beginning six hours after the call on the Company’s website for a period of two weeks. Entercom Communications’ website is located at www.entercom.com.

Investors will have the opportunity to submit questions to the Company regarding the earnings release by emailing their inquiries to questions@Entercom.com. Questions should be sent by 15 minutes prior to the call.

About Entercom Communications

Entercom Communications Corp. is one of the five largest radio broadcasting companies in the United States, with a nationwide portfolio in excess of 100 stations in 23 markets, including San Francisco, Boston, Seattle, Denver, Portland, Sacramento and Kansas City.

Known for developing unique and highly successful, locally programmed stations, Entercom is home to some of radio’s most distinguished brands and compelling personalities. The Company is also the radio broadcast partner of the Boston Red Sox, Boston Celtics, Kansas City Royals, New Orleans Saints, the Oakland A’s, the San Jose Sharks, the Buffalo Bills and Buffalo Sabres.

Entercom focuses on creating effective integrated marketing solutions for its customers that incorporate the company’s audio, digital and experiential assets. Additionally, the company has a long-standing commitment to responsible corporate citizenship and environmental stewardship. Entercom stations play a vital, hands-on role in improving their communities, providing over $100 million in annual support for local charitable organizations.

The company’s radio stations have received numerous awards, including multiple Edward R. Murrow Awards for excellence in broadcast journalism and National Association of Broadcasters (NAB) Marconi Awards for excellence in radio broadcasting. In 2007, Forbes magazine named Entercom one of America’s “Most Trustworthy Companies.”

For more information, please visit www.entercom.com.

Entercom Communications Corp.Steve FisherExecutive VP and CFO610-660-5647

Source: Entercom Communications Corp.