Lamar Media to price $535 million 10.5-year notes on Thursday

By Paul A. Harris and Aleesia Forni

Columbus, Ohio, Oct. 25 - Lamar Media Corp. is planning a $535 million issue of 10.5-year senior subordinated notes (existing ratings B1/BB-) on Thursday, a market source said.

An investor call took place at 11 a.m. ET.

J.P Morgan Securities LLC and Wells Fargo Securities LLC are joint bookrunners for the Rule 144A and Regulation S with registration rights offering. SunTrust Robinson Humphrey Inc., Bank of America Merrill Lynch, RBS Securities Inc. and Scotia Capital (USA) Inc. are co-managers.

The notes are non-callable for 5.5 years.

Proceeds will be used to redeem up to $137.2 million of the company's series B and C 6 5/8% senior subordinated notes due 2015, to fund the acquisition of NextMedia, to fund potential future acquisitions or partially repay the company's existing term loan B, and for general corporate purposes.

The outdoor advertising company is based in Baton Rouge, La.

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