Lamar Advertising Company announced today that it has completed a $1.1 billion refinancing package through its wholly‑owned subsidiary, Lamar Media Corp. The package includes the sale of $400 million in 5.375% senior notes due 2033 and the issuance of a new 7‑year, $700 million Term Loan B facility. The refinancing is designed to be leverage‑neutral, providing the company with additional capital while maintaining its low debt‑to‑EBITDA profile.
Proceeds from the senior notes and the new Term Loan B are being used to repay the revolving portion of Lamar’s senior credit facility and to refinance $600 million of its existing Term Loan B that was due in 2027. The company also plans to use part of the proceeds to reduce its Accounts Receivable Securitization Program balance. These actions reduce floating‑rate exposure and extend the maturity profile of the company’s debt structure.
The refinancing has increased Lamar’s liquidity to more than $800 million, strengthening its balance sheet and providing flexibility for future investment and growth initiatives. By reducing its reliance on short‑term borrowing, the company is better positioned to pursue accelerated digital expansion and potential acquisitions in the coming year.
Executive Vice President and Chief Financial Officer Jay Johnson said the transactions "provide valuable flexibility that positions us well for continued investment and growth," underscoring the strategic intent behind the refinancing.
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