Lamar Advertising Co - LAMR STOCK NEWS

Lamar Advertising Company (NASDAQ: LAMR) announced an exchange offer for its outstanding senior notes totaling $1.55 billion, comprising 3 3/4% notes due 2028, 4 7/8% notes due 2029, and 4% notes due 2030. The notes will be exchanged for newly issued registered securities, complying with registration rights agreements. The exchange offer expires on October 15, 2020. Original notes not exchanged will continue to accrue interest without further registration obligations by Lamar Media, except in limited circumstances. The offer aims to enhance liquidity without raising new capital.

Lamar Advertising Company (Nasdaq: LAMR) is set to participate in a Q&A session at the Goldman Sachs 29th Annual Communacopia Conference on September 16, 2020, at 4:35 p.m. (ET). This session will be broadcast live via an audio webcast on the company’s website and archived for 30 days. Founded in 1902, Lamar is a leading outdoor advertising company in North America, boasting over 385,000 displays across the U.S. and Canada, including more than 3,600 digital billboards.

Lamar Advertising Company (NASDAQ: LAMR) has declared a quarterly cash dividend of $0.50 per share, payable on September 30, 2020, to stockholders of record as of September 21, 2020. This dividend follows a prior payment of $1.00 per share on March 31, 2020, and $0.50 on June 30, 2020. As a REIT, Lamar intends to distribute at least 90% of its 2020 full-year taxable income in dividends. The company will evaluate its fourth-quarter dividend plans at a later date.

Lamar Advertising Company (LAMR) announced a private placement of $150 million in 4% Senior Notes due 2030. This issuance complements the existing $400 million of similar notes issued in February 2020. The offering aims to raise approximately $146.9 million after fees, which will be utilized to redeem $267.5 million of 5% Senior Subordinated Notes due 2023. The closing of the offering is anticipated around August 19, 2020. The notes will be guaranteed by Lamar Media's domestic subsidiaries and are offered under Rule 144A and Regulation S.

Lamar Advertising Company (Nasdaq: LAMR) is raising approximately $150 million through an institutional private placement of additional 4% Senior Notes due 2030, issued by its subsidiary, Lamar Media Corp. The new notes will maintain the same terms as the existing $400 million notes issued earlier this year. Proceeds will be used to redeem $267.5 million of 5% Senior Subordinated Notes due 2023 and for working capital or general corporate purposes. The offering is subject to market conditions.

Lamar Advertising Company (NASDAQ: LAMR) reported a 22.5% decrease in net revenue for Q2 2020, totaling $347.7 million, compared to Q2 2019. Net income also fell by 87% to $31.4 million. Adjusted EBITDA declined 35.9% to $133.2 million. For the first six months, net revenue decreased 9.5% year-over-year, reaching $754.2 million. In response to COVID-19, Lamar enhanced liquidity to $1.1 billion and revised 2020 forecasts, projecting net income per diluted share between $1.55 and $1.93.

Lamar Advertising Company (LAMR) will announce its second quarter earnings for the period ending June 30, 2020, on August 6, 2020, before market opening. A conference call will follow at 8:00 a.m. Central Time to discuss the results and answer operational questions. Investors can join the call by dialing 1-334-777-6991 with the passcode 65248056. The conference call will also be available through a live webcast on Lamar's website, with replay options provided until August 9, 2020.

Lamar Advertising Company (Nasdaq: LAMR) has declared a quarterly dividend of $0.50 per share, payable on June 30, 2020. Stockholders of record on June 22, 2020 will receive this dividend. The board emphasized the uncertainty in the business trajectory for 2020, leading to this adjusted dividend from the previous $1.00 per share paid on March 31, 2020. The company plans to evaluate its dividend strategy quarterly, prioritizing liquidity and operating conditions while committing to distribute at least 90% of full-year taxable income as a REIT.

Lamar Advertising Company (Nasdaq: LAMR) has relocated its 2020 Annual Meeting of Stockholders to a virtual format due to COVID-19 concerns. Scheduled for May 28, 2020, at 9:00 a.m. CT, stockholders must register by May 25, 2020, to participate. Voting can be done electronically during the meeting, and stockholders are encouraged to submit proxies in advance. An informal Q&A will follow the meeting, allowing stockholders to engage with management. The company, a leader in outdoor advertising, operates over 390,000 displays across North America.