Lamar proposes $400M senior note offering and $700M Term B Loan refinancing

LAMAR ADVERTISING CO/NEW

Lamar Media seeks $400M private placement of senior notes, guaranteed by domestic subsidiaries.
Net proceeds from notes will repay revolver and accounts receivable securitization debt.
Also pursuing $700M seven-year senior secured Term B Loan to fully refinance the existing $600M term loan.
Excess proceeds from the Amendment will go toward reducing the revolving credit facility balance.
New ESG risk factor added regarding reputational damage from controversial advertisement content.

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