Lamar Advertising to price $250 million tap of 5¾% notes due 2026 in Wednesday drive-by

By Paul A. Harris

Portland, Ore., Jan. 23 – Lamar Advertising Co. plans to price a $250 million add-on to its 5¾% senior notes due Feb. 1, 2026 (Ba2/BB) in a quick-to-market Wednesday trade, according to market sources.

The existing bonds were trading at 103.75, according to a trader, who expects the tap to come at a discount to that price.

J.P. Morgan Securities LLC is leading the Rule 144A and Regulation S add-on.

The notes become callable on Feb. 1, 2021.

The notes will be issued via subsidiary Lamar Media Corp.

The Baton Rouge, La.-based outdoor advertising company plans to use the proceeds to repay a portion of the borrowings outstanding under its revolving credit facility.

The original $400 million issue priced at par in January 2016.

The add-on notes will become fungible with the original notes.

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