Lamar Advertising Co Stock Price, News & Analysis

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.

Lamar Advertising Company (NASDAQ: LAMR) has announced a private placement of $400 million in 4 7/8% Senior Notes due 2029. The net proceeds are estimated to be around $394.5 million and will primarily be used to repay existing debt under its credit facility, with any remaining funds allocated for working capital or general corporate purposes. The offering is expected to close around May 13, 2020, subject to standard closing conditions.

Lamar Advertising Company (Nasdaq: LAMR) is planning to raise approximately $400 million through a private placement of senior notes by its subsidiary, Lamar Media Corp. The funds will primarily be used to repay existing debt under the revolving portion of its senior credit facility. Any remaining proceeds will support general corporate purposes or working capital needs. The offering is subject to market conditions and is directed at qualified institutional buyers, with no registration under the Securities Act.

Lamar Advertising Company (Nasdaq: LAMR) announced that CEO Sean Reilly will speak at the J.P. Morgan Global Technology, Media and Communications Conference on May 12, 2020, at 2:50 p.m. (ET). The session will be available via live audio webcast on the company's website and archived for 30 days. Lamar Advertising, founded in 1902, is a leading outdoor advertising firm with over 390,000 displays across the U.S. and Canada, including more than 3,600 digital billboards, catering to both local and national advertisers.