New Issue: Lamar prices $125 million add-on at 103.661 to yield 6 5/8%

By Paul A. Harris

St. Louis, May 30 - Lamar Media Corp. priced a $125 million add-on to its 7¼% senior subordinated notes due Jan 1, 2013 (Ba3/B) on Thursday at 103.661 to yield 6 5/8%, according to a market source.

JP Morgan was the bookrunner for the Rule 144A deal. Wachovia Securities, Inc., Goldman Sachs & Co. and Morgan Stanley were co-managers.

Proceeds will be used to redeem the company's $100 million of outstanding 8 5/8% notes due 2007 and for general corporate purposes.

The issuer is wholly owned subsidiary of Lamar Advertising Co.

Issuer:	Lamar Media Corp.
Amount:	$125 million
Security description:	Add-on to 7¼% senior subordinated notes due 2013
Bookrunner:	JP Morgan
Co-managers:	Wachovia Securities, Goldman Sachs, Morgan Stanley
Maturity:	Jan 1, 2013
Coupon:	7¼%
Price:	103.661
Yield:	6 5/8%
Call features:	Callable on Jan. 1, 2008 at 103.625, then at 102.417, 101.208, declining to par on Jan. 1, 2011 and thereafter
Equity clawback:	Until Jan. 1, 2006 for up to 35% at 107.25
Settlement date:	June 12, 2003
Ratings:	Moody's: Ba3
	Standard & Poor's: B

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