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Lamar Advertising to issue $1B of senior notes

Lamar Advertising Co., through its Lamar Media Corp. unit, plans to offer roughly $1.0 billion worth of senior notes in an institutional private placement.

The issuance is subject to market conditions.

The advertising real estate investment trust is also looking to replace its existing $550.0 million revolving credit facility with a new $750.0 million five-year revolver and to secure a new $600.0 million seven-year term loan B.

The REIT said proceeds from the proposed notes offering, revolver and term loan B will be used to refinance Lamar Media's existing term loans A and B, to redeem all $510.0 million of its outstanding 5.375% senior notes due 2024, to partially repay borrowings under the existing revolver, to pay transaction costs and for general corporate purposes.