Lamar Advertising sets up $400 million at-the-market share sale program
Lamar Advertising entered a July 24, 2024 equity distribution agreement allowing it to sell up to $400.0 million of Class A common stock through five sales agents over time. The company is not obligated to sell any shares and says proceeds, if any, would go to general corporate purposes such as debt repayment and acquisitions, so the program could dilute existing shareholders if used.
- Agreement dated July 24, 2024 allows sales of up to $400.0 million of Class A common stock
- Sales agents include J.P. Morgan Securities, Wells Fargo Securities, Truist Securities, SMBC Nikko Securities America and Scotia Capital (USA)
- Agents receive commissions of up to 2.0% of gross sales price; the company has no obligation to sell any shares
- Shares offered under shelf registration Form S-3 (File No. 333-280976) filed July 24, 2024