Lamar Advertising draws down $535 million on $750 million revolver

By Sarah Lizee

Olympia, Wash., April 2 – Lamar Advertising Co. drew down $535 million on its $750 million revolving credit facility to provide additional liquidity and financial flexibility, according to a press release.

As of Thursday, Lamar had $625 million outstanding and about $112 million available under the facility, after accounting for outstanding letters of credit.

After the drawdown in March and payment of the first quarter dividend, Lamar had about $490 million in cash on hand.

The outdoor advertising company is based in Baton Rouge, La.

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