BATON ROUGE, La., Oct. 9, 2012 (GLOBE NEWSWIRE) -- Lamar Advertising Company (Nasdaq:LAMR), a leading owner and operator of outdoor advertising and logo sign displays, today announced that its wholly owned subsidiary, Lamar Media Corp. ("Lamar Media"), intends to redeem an aggregate of $66,099,000 of 6 5/8% senior subordinated notes consisting of (i) $36,099,000 of its 6 5/8% Senior Subordinated Notes due 2015—Series B (CUSIP No. 513075AP6) (the "Series B Notes") and (ii) $30,000,000 of its 6 5/8% Senior Subordinated Notes due 2015—Series C (CUSIP No. 513075AS0) (the "Series C Notes"). Following the redemptions, there will be $71,188,000 in aggregate principal amount of Series C Notes outstanding and no Series B Notes outstanding. The redemptions will be made in accordance with the terms of the indentures governing the Series B Notes and the Series C Notes, respectively, and the terms of the notices of redemption.
Lamar Media expects the Series B Notes and the Series C Notes (collectively, the "Notes") to be redeemed on November 8, 2012 (the "Redemption Date") at a redemption price equal to 101.104% of the principal amount of outstanding Notes, plus accrued and unpaid interest to, but not including, the Redemption Date (the "Redemption Price"). The Redemption Price will be due and payable on the Redemption Date upon surrender of the Notes.
A notice of redemption is being mailed to all registered holders of the Notes by The Bank of New York Mellon Trust Company N.A., the trustee for the Notes. Copies of the notice of redemption may be obtained from The Bank of New York Mellon by calling 1-800-254-2826.
This announcement is for informational purposes only and is not an offer to purchase or sell or a solicitation of an offer to purchase or sell, with respect to the Notes or any other securities.
Caution Regarding Forward-looking Statement
This press release contains certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including statements regarding Lamar Media's ability to redeem the Notes. These statements are based on management's current expectations or beliefs, and are subject to uncertainty and changes in circumstances. Actual results may vary materially from those expressed or implied by the statements herein due to changes in economic, business, competitive, technological, strategic and/or regulatory factors and other factors affecting the operation of the businesses of Lamar Advertising Company and Lamar Media. More detailed information about these factors may be found in filings by Lamar Advertising Company and Lamar Media with the Securities and Exchange Commission, including its most recent combined Annual Report on Form 10-K. Lamar Advertising Company is under no obligation, and expressly disclaims any such obligation, to update or alter its forward-looking statements, whether as a result of new information, future events, or otherwise.
Lamar Advertising Company is a leading outdoor advertising company currently operating over 150 outdoor advertising companies in 44 states, Canada and Puerto Rico, logo businesses in 22 states and the province of Ontario, Canada and approximately 60 transit advertising franchises in the United States, Canada and Puerto Rico.
CONTACT: Keith A. Istre Chief Financial Officer (225) 926-1000 KI@lamar.comSource:Lamar Advertising Company