Lamar Media wants to obtain new $100 million term loan A facility

By Marisa Wong

Madison, Wis., Jan. 26 - Lamar Advertising Co.'s wholly owned subsidiary, Lamar Media Corp., is requesting a new $100 million term loan A facility under its existing senior credit facility, according to a company news release.

The subsidiary began a cash tender offer on Thursday to purchase a total of up to $500 million of its outstanding 6 5/8% notes.

Lamar Media said that if it obtains the $100 million term loan A facility, it may increase the cap of the tender offer by $100 million.

The company plans to fund the tender offer with $139.2 million of borrowings under the revolving portion of its senior credit facility, along with proceeds from a $400 million offering of senior subordinated notes due 2022.

Lamar is a Baton Rouge, La.-based outdoor advertising company.

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