Roger's 1998 Short Picks Message Board

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Strategies & Market Trends : Roger's 1998 Short Picks

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To: xcr600 who wrote (18364)	8/10/1999 8:27:00 PM
From: BDR	Read Replies (1) of 18691

Lamar convertible terms (8-K filed today) BATON ROUGE, La - (BUSINESS WIRE) --- August 10, 1999 --- Lamar Advertising Company (NASDAQ: LAMR) announced today that it has completed the sale of $250,000,000 of Convertible Notes through Goldman Sachs & Co., Deutsche Banc Alex. Brown, Morgan Stanley Dean Witter and Salomon Smith Barney as underwriters. The Convertible Notes will bear interest at the rate of 5.25% per annum and will be convertible into shares of Lamar Advertising's Class A common stock at an initial conversion price of $46.25 per share. The approximately $242,900,000 proceeds from the sale of the Convertible Notes will be used to pay existing bank debt. The underwriters also have an over-allotment option to purchase up to an additional $37,500,000 of Convertible Notes, which they may exercise at any time on or before September 3, 1999.

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