Lamar Advertising Company Announces Early Settlement of Tender Offer
Lamar Advertising Company (Nasdaq: LAMR) announced today the results of the early settlement of the tender offer by its wholly owned subsidiary Lamar Media Corp. to purchase, for cash, up to $700.0 million of its outstanding 6 5/8% Senior Subordinated Notes due 2015, 6 5/8% Senior Subordinated Notes due 2015—Series B and 6 5/8% Senior Subordinated Notes due 2015—Series C.
As of midnight, New York City time, on February 8, 2012, Lamar Media received tenders in respect of $582.9 million aggregate principal amount of 6 5/8% Notes, $483.7 million of which have been accepted for purchase by Lamar Media. The holders of accepted notes received total consideration of $1,025.83 per $1,000 principal amount of the notes tendered, which included an early tender payment of $20.00 per $1,000 principal amount of the notes tendered. The total cash payment to purchase 6 5/8% Notes, including accrued and unpaid interest up to but excluding the February 9, 2012 early settlement date, was $511.6 million.
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