Press release from Business Wire
Lamar Advertising Company Announces Redemption of All Remaining 7 1/4% Senior Subordinated Notes Due 2013
Thursday, May 06, 2010
Lamar Advertising Company Announces Redemption of All Remaining 7 1/4% Senior Subordinated Notes Due 201316:30 EDT Thursday, May 06, 2010 BATON ROUGE, La. (Business Wire) -- Lamar Advertising Company (Nasdaq: LAMR), a leading owner and operator of outdoor advertising and logo sign displays, today announced that its wholly-owned subsidiary, Lamar Media Corp. (“Lamar Media”), intends to redeem in full $19,441,000 of its 7 1/4% Senior Subordinated Notes due 2013 (CUSIP No. 513075AG6) (the “Notes”), representing all remaining Notes outstanding after the expiration on May 5, 2010 of the previously announced tender offer for the Notes. The redemption will be made in accordance with the terms of the indenture governing the Notes and the terms of the notice of redemption. Lamar Media expects the Notes to be redeemed on June 7, 2010 (the “Redemption Date”) at a redemption price equal to 101.208% of the principal amount of outstanding Notes, plus accrued and unpaid interest to, but not including, the Redemption Date (the “Redemption Price”). The Redemption Price will be due and payable on the Redemption Date upon surrender of the Notes. A notice of redemption is being mailed to all registered holders of the Notes by The Bank of New York Mellon Trust Company N.A., the trustee for the Notes. Copies of the notice of redemption may be obtained from The Bank of New York Mellon by calling 1-800-254-2826. This announcement is for informational purposes only and is not an offer to purchase or sell or a solicitation of an offer to purchase or sell, with respect to the Notes or any other securities. Caution Regarding Forward-looking Statement This press release contains certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including statements regarding Lamar Media's ability to redeem the Notes. These statements are based on management's current expectations or beliefs, and are subject to uncertainty and changes in circumstances. Actual results may vary materially from those expressed or implied by the statements herein due to changes in economic, business, competitive, technological, strategic and/or regulatory factors and other factors affecting the operation of the businesses of Lamar Advertising Company and Lamar Media. More detailed information about these factors may be found in filings by Lamar Advertising Company and Lamar Media with the Securities and Exchange Commission, including its most recent combined Annual Report on Form 10-K. Lamar Advertising Company is under no obligation, and expressly disclaims any such obligation, to update or alter its forward-looking statements, whether as a result of new information, future events, or otherwise. General Information Lamar Advertising Company is a leading outdoor advertising company currently operating over 150 outdoor advertising companies in 44 states, Canada and Puerto Rico, logo businesses in 19 states and the province of Ontario, Canada and approximately 64 transit advertising franchises in the United States, Canada and Puerto Rico.