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New Issue-Lamar Media Corp sells $350 mln in notes

Fri Mar 20, 2009 12:23pm EDT

Stocks

    
  March 20 (Reuters) - Lamar Media Corp, a unit of Lamar
Advertising Company (LAMR.O), on Friday sold $350 million of
five-year senior notes in the 144a private placement market,
said IFR, a Thomson Reuters service.
  The size of the deal was increased from an originally
planned $250 million.
  J.P. Morgan was the sole joint bookrunning manager for the
sale.
BORROWER: LAMAR MEDIA CORP.
AMT $350 MLN*    COUPON 9.75 PCT     MATURITY  4/1/2014 
TYPE SR NOTES    ISS PRICE 89.979    FIRST PAY 10/1/2009
MOODY'S Ba3      YIELD 12.5 PCT      SETTLEMENT 3/27/2009
S&P BB-MINUS     SPREAD 1,088 BPS    PAY FREQ SEMI-ANNUAL
FITCH N/A         MORE THAN TREAS    MAKE-WHOLE CALL 50 BPS**
*$314.9265 MLN PROCEEDS
**35 PCT 3-YEAR EQUITY CALL AT 109.75



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