Lamar Media to launch $400 million term loan B on Wednesday

By Sara Rosenberg

New York, Feb. 13 – Lamar Media Corp. is scheduled to hold a lender call on Wednesday to launch a $400 million term loan B (BBB-), according to a market source.

JPMorgan Chase Bank is the lead bank on the deal.

Price talk on the term loan B is Libor plus 200 basis points with a 0% Libor floor and an original issue discount of 99.5 to 99.75, the source said.

The loan has 101 soft call protection for six months.

Proceeds will be used to refinance existing debt.

Commitments are due on Friday, the source added.

Lamar Media is a Baton Rouge, La.-based outdoor advertising company.

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