Lamar Advertising Company Announces Commencement of Exchange Offer for 3 3/4% Senior Notes due 2028, 4 7/8% Senior Notes due 2029 and 4% Senior Notes due 2030

BATON ROUGE, La., Sept. 16, 2020 (GLOBE NEWSWIRE) -- Lamar Advertising Company (Nasdaq: LAMR) announced today that its wholly owned subsidiary, Lamar Media Corp., has commenced an offer to exchange (i) all $600.0 million of its outstanding ‎3 3/4% Senior Notes due 2028‎ (the “2028 Original Notes”), which are not registered under the Securities Act of 1933, as amended (the “Securities Act”), for an equal principal amount of newly issued ‎3 3/4% Senior Notes due 2028‎ that have been registered under the Securities Act (the “2028 Exchange Notes”), (ii) all $400.0 million of its outstanding ‎‎4 7/8% Senior Notes due 2029‎‎ (the “2029 Original Notes”), which are not registered under the Securities Act, for an equal principal amount of newly issued ‎4 7/8% Senior Notes due 2029‎‎ that have been registered under the Securities Act (the “2029 Exchange Notes”), and (iii) all $550.0 million of its outstanding ‎‎‎4% Senior Notes due 2030‎ (the “2030 Original Notes”, and together with the 2028 Original Notes and the 2029 Original Notes, the “Original Notes”), which are not registered under the Securities Act, for an equal principal amount of newly issued ‎‎4% Senior Notes due 2030‎ that have been registered under the Securities Act (the “2030 Exchange Notes”, and together with the 2028 Exchange Notes and 2029 Exchange Notes, the “Exchange Notes”). 

Each series of the Exchange Notes are substantially identical to the corresponding series of the Original Notes, except that the Exchange Notes have been registered under the Securities Act and will not bear any legend restricting their transfer. The Exchange Notes will be issued only upon cancellation of a like amount of currently outstanding Original Notes of the corresponding series. Lamar Media will not receive any proceeds from the exchange offer.

Lamar Media is making this exchange offer to satisfy its obligations under registration rights agreements entered into when it issued the Original Notes. Any Original Notes not tendered for exchange in the exchange offer will remain outstanding and continue to accrue interest, and Lamar Media will have no further obligation to provide for the registration of such notes under the Securities Act, except under certain limited circumstances.

Pursuant to the terms of the exchange offer, Lamar Media will accept for exchange any and all Original Notes validly tendered and not withdrawn prior to 5:00 p.m., New York City time, on October 15, 2020 (the “Expiration Date”), unless extended. Tenders of Original Notes may be withdrawn at any time prior to 5:00 p.m., New York City time, on the Expiration Date.