Lamar Advertising extends tender for 2.875% convertibles, ups price

By Angela McDaniels

Tacoma, Wash., June 29 - Lamar Advertising Co. extended the tender offer for its $133,567,000 of 2.875% series B convertible notes due 2010 to midnight ET on July 14 from July 9, according to a company news release.

The company also increased the purchase price to $977.50 per $1,000 principal amount of notes from $960.00. Holders will also receive accrued interest up to but excluding the payment date.

The tender offer began on June 11.

J.P. Morgan Securities Inc. and Wachovia Capital Markets, LLC are the dealer managers. Global Bondholder Services Corp. (866 857-2200 or 212 430-3774 for banks and brokers) is the information agent.

Lamar is a Baton Rouge, La.-based provider of outdoor advertising services.

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