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Lamar Advertising pulls FY'20 guidance over coronavirus concerns

Lamar Advertising Co. is withdrawing its full-year 2020 guidance and reviewing its dividend policy for the year due to the uncertainties brought about by the coronavirus pandemic.

The advertising real estate investment trust proactively borrowed $535 million on its $750 million revolving credit facility to boost liquidity and financial flexibility in March, giving the company about $490 million in available cash after the payment of its first-quarter dividend. It has $625 million outstanding and approximately $112 million available under the facility as of April 2.

The REIT has also reduced its spending on capital projects for 2020 to approximately $58 million from its prior estimate of $130 million, suspended its acquisition activity, implemented a hiring freeze, negotiated with billboard ground lessors about amending their agreements to lower future fixed-site lease and held discussions with airport and transit franchise partners on temporary relief from current and future annual contractual guarantees.

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