LAMAR ADVERTISING CO/NEW (LAMR): debt financing — Lamar Media extends $750M revolver maturity to July 2028, adds $75M swingline

LAMAR ADVERTISING CO/NEW

Extension of $750M revolving credit facility maturity to July 31, 2028; springing maturity if insufficient liquidity for Term B Loan or 2028 notes.
New $75M swingline sublimit for same-day borrowings.
Amendment also allows for incremental revolving facilities on certain terms.
Term B Loan matures Feb 2027, 2028 Senior Notes mature Feb 2028; springing condition triggers 91 days prior.
Other terms unchanged (interest rates, unused fees, guarantees, covenants, events of default).

Key facts

Extracted from this filing and checked against the source text.

Debt Financings SEC 8-K Item 2.03/2.04 confidence 0.95

LAMAR ADVERTISING CO/NEW amended revolving credit of $75.0 million swingline sublimit with JPMorgan Chase Bank, N.A. at not disclosed maturing July 31, 2028.

Instrument: revolving credit
Principal: $75.0 million swingline sublimit
Counterparty: JPMorgan Chase Bank, N.A.
Rate: not disclosed
Maturity: July 31, 2028
Event: amendment

Exact text from the filing

The Amendment also establishes a $75.0 million swingline as a sublimit of the Revolving Facility, which allows Lamar Media to borrow revolving loans on a same-day basis, in an aggregate outstanding principal amount of up to $75.0 million.

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Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

LAMAR ADVERTISING CO/NEW amended Amendment No. 4 with JPMorgan Chase Bank, N.A. (effective 2023-07-31).

Action: amendment
Agreement: credit facility
Counterparty: JPMorgan Chase Bank, N.A.
Effective: 2023-07-31

Exact text from the filing

On July 31, 2023, Lamar Advertising Company’s (the “ Company ”) direct wholly owned subsidiary Lamar Media Corp. (“ Lamar Media ”) entered into the Amendment No. 4, dated as of July 31, 2023 (the “ Amendment ”), to the Fourth Amended and Restated Credit Agreement dated February 6, 2020

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Source: SEC EDGAR

accession 0001193125-23-201706

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