Lamar Advertising Company intends to raise roughly $1 billion through private offerings to help pay off some $510 million in debt subject to market conditions, the company announced Tuesday.
The notes, which would be offered through Lamar’s subsidiary Lamar Media Corp., would be used to redeem its outstanding $510 million principal for senior notes due within the next few years. The company also plans to “repay the Term A loans under its senior credit facility, repay certain outstanding amounts under the revolving portion of its senior credit facility and, with the remainder, if any, to fund working capital needs for general corporate purposes.”
Last year, the company issued some $250 million in senior notes to help refinance debt-related acquisitions.
Director of Investor Relations Buster Kantrow and Chief Financial Officer Jay Johnson were unable to be reached for more information before this afternoon’s deadline.
Lamar reported net revenues of $457.8 million for the third quarter of 2019, a 9.4% increase from the $418.5 million reported for the same quarter of 2018. The company’s fourth-quarter results are expected to be released Feb. 20.
