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Lamar Advertising unit to redeem $500M of senior subordinated notes

Lamar Advertising Co. unit Lamar Media Corp. plans to fully redeem all $500.0 million worth of its outstanding 5.875% senior subordinated notes due 2022.

The notes are expected to be redeemed March 19 at a redemption price equal to 101.958% of the notes, plus applicable interest.

The company plans to use borrowings from a new term loan facility under Lamar Media's senior credit facility to finance the redemption.

The Bank of New York Mellon Trust Co. NA is the trustee for the notes.