(RTTNews) - Lamar Advertising Co. (LAMR), on Monday, announced plans to raise approximately $400 million through an institutional private placement of senior notes by its wholly owned subsidiary, Lamar Media Corp.
Lamar Media intends to use the proceeds, after fees and expenses, to repay indebtedness outstanding under the revolving portion of its senior credit facility and its Accounts Receivable Securitization Program.
The notes will be guaranteed on a senior unsecured basis by substantially all of Lamar Media's domestic subsidiaries.
Lamar Advertising is currently trading, 0.17% lesser at $123.53 on the Nasdaq.
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