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Lamar Advertising unit launches notes exchange offer

Lamar Media Corp., a unit of outdoor advertising real estate investment trust Lamar Advertising Co., is offering to exchange up to $250.0 million outstanding amount of its recently issued 5.750% senior notes due 2026 for the same principal amount of freely tradable exchange notes from the same series.

The company said it will not receive any proceeds from the exchange offer.

Lamar Media raised net proceeds of $251.5 million from its recent offering that closed Feb. 1. The amount was used to repay a portion of the company's borrowings under its revolving credit facility.