Item 7.01 Regulation FD Disclosure.
OnJanuary 21, 2020 ,Lamar Advertising Company ("Lamar Advertising ") will use a lender presentation in connection with meetings with prospective lenders to discuss the possible refinancing of the existing capital structure of its wholly owned subsidiary,Lamar Media Corp. ("Lamar Media"). The lender presentation contains a description of the proposed refinancing transactions, which consists of (1) a new$750.0 million 5-year revolving credit facility (to replace its existing$550.0 million revolving credit facility), (2) a new$600.0 million 7-year Term Loan B and (3) the Proposed Offering (as defined below) (collectively, the "Proposed Refinancing"). Proceeds from the Proposed Refinancing will be used to refinanceLamar Media's existing Term Loan A and Term Loan B, redeem in full all$510.0 million in aggregate principal amount of its outstanding 5 3/8% Senior Notes due 2024 (the "Redemption"), partially repay borrowings under the existing revolving credit facility, pay fees and expenses in connection therewith and the remainder, if any, for general corporate purposes. Following the completion of the Proposed Refinancing,Lamar Media expects that its senior secured leverage ratio will be reduced to 1.2x. The information contained in Item 7.01 to this Current Report on Form
8-K
is being furnished and shall not be deemed "filed" for any purpose, and shall not be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Securities Exchange Act of 1934, as amended, regardless of any general incorporation language in any such filing. Item 8.01. Other Events.
Proposed Private Offering
On
* * * This Current Report on Form 8-K contains forward-looking statements, including regarding the Proposed Refinancing, the Proposed Offering and the Redemption. These forward-looking statements involve a number of risks and uncertainties. Among the important factors that could cause actual results to differ materially from those results indicated in the forward-looking statements are (i) uncertainties relating to market conditions for corporate debt securities generally and for the securities of advertising companies and forLamar Media in particular, (ii) uncertainties relating toLamar Media's ability to enter into an amended and restated credit facility on favorable terms to accomplish the Proposed Refinancing, (iii) uncertainties relating toLamar Media's ability to consummate the Redemption, (iv) uncertainty relating toLamar Advertising's ability to maintain its status as a real estate investment trust or REIT, (v) changes in tax laws applicable to REITs or in the interpretation of those laws, and (vi) the regulation of the outdoor advertising industry by federal, state and local governments. This Current Report on Form 8-K is neither an offer to sell nor a solicitation of an offer to buy the senior notes. Item 9.01 Financial Statements and Exhibits. (d) Exhibits Exhibit No. Description 99.1 Press Release ofLamar Advertising Company datedJanuary 21, 2020 104 Cover Page Interactive Data File - (embedded within the Inline XBRL document)
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