Chicago, Jan. 23 – Lamar Advertising Co. priced $1 billion of notes (Ba2/BB) in two parts on Thursday, according to a press release.
The first tranche of the Rule 144A and Regulation S issue consists of $600 million 3¾% senior notes due 2028 and the second tranche is for $400 million 4% notes due 2030.
The notes were sold via subsidiary Lamar Media Corp.
Proceeds will be used to redeem the company’s outstanding $510 million 5 3/8% senior notes due 2024, to repay the term A loans under its credit facility, to repay certain outstanding amounts under the revolving portion of its senior credit facility and the rest, if any, for working capital needs or for general corporate purposes.
The new issue comes just one week after the company added $250 million on to its 5¾% existing senior notes due Feb. 1, 2026.
Lamar is a Baton Rouge, La.-based outdoor advertising company
| Issuer: | Lamar Media Corp.
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| Issue: | Senior notes
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| Amount: | $1 billion
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| Pricing date: | Jan. 23
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| Settlement date: | Feb. 6
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| Ratings: | Moody’s: Ba2
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| S&P: BB
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| Distribution: | Rule 144A and Regulation S
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|
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| Notes due 2028
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| Amount: | $600 million
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| Maturity: | 2028
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| Coupon: | 3¾%
|
|
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| Notes due 2030
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| Amount: | $400 million
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| Maturity: | 2030
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| Coupon: | 4%
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