Lamar Advertising Company Announces Early Settlement of Tender Offer

Lamar Advertising Company

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.