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Lamar Media calls remaining $19.44 million of 7¼% notes at 101.208
By Susanna Moon
Chicago, May 6 - Lamar Advertising Co. said its wholly owned subsidiary Lamar Media Corp. plans to redeem the $19,441,000 outstanding 7¼% senior subordinated notes due 2013.
The company plans to redeem all remaining notes after the tender expiration on May 5 at 101.208% of par plus accrued interest to the redemption date of June 7.
The Bank of New York Mellon Trust Co. NA (800 254-2826) is the trustee.
Lamar said on April 22 that its subsidiary Lamar Media accepted early tenders for $365.39 million of its $385 million of 7¼% notes.
Lamar also was soliciting consents from holders to amend the notes, and the company said it entered into a supplemental indenture after having received consents from holders of a majority of notes.
The company paid $1,012.08 per $1,000 principal amount of notes tendered, including a $20.00 consent payment for those who tendered their notes prior to midnight ET on April 21.
The company also paid accrued interest to the settlement date.
In all, Lamar paid $377,971,900 for the tendered securities for the early settlement on April 22.
The company previously said it would fund purchases under the tender offer with the proceeds of a private offering of about $400 million principal amount of senior subordinated notes.
J.P. Morgan Securities Inc. was the dealer manager. Global Bondholder Services Corp. (866 857-2200 or banks and brokers 212 430-3774) was the depositary and information agent.
Lamar is a Baton Rouge, La.-based provider of outdoor advertising services.
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