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Zacks #1 Stocks on the Move 05/17/2013
| Company Name | Symbol | %Change |
|---|---|---|
| VIASAT INC | VSAT | 19.35% |
| OLD SECOND B | OSBC | 5.76% |
| GAMCO INVEST | GBL | 4.61% |
| CORNING INC | GLW | 4.47% |
| SYNCHRONOSS | SNCR | 4.23% |
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Lamar Advertising Company ( LAMR - Analyst Report ) recently announced a tender offer to repurchase $600 million principal amount of its 65/8% Senior Subordinated Notes. Each $1000 note has been priced at $1,005.83.
The company’s subsidiary, Lamar Media Corp. will repurchase the Notes, comprising 65/8% Senior Subordinated Notes due 2015, 65/8% Senior Subordinated Notes maturing in 2015—Series B and 65/8% Senior Subordinated Notes due 2015—Series C in a tender offer. The repurchase reduces the company’s ‘65/8% notes’ outstanding balance from $843.1 million.
The company will fund the notes purchase from $147.2 million of borrowings under the revolving portion of Lamar Media’s senior credit facility as well as with the proceeds of a private offering of $500 million worth of notes issuance (due 2022), announced recently by the company. The issuance is likely to raise approximately $489 million, after payment of fees and expenses.
Notwithstanding the purchase and issuance of Notes as mentioned above, Lamar is also seeking a new $100 million term loan of “A” facility under its existing senior credit facility. If granted, the company desires to raise the Notes purchase by $100 million.
In the third quarter 2011, the company’s debt level plummeted which pulled down the interest expense by 6.2%. In addition, growth of more than 100% in cash and cash equivalents is worth mentioning.
The current Zacks Consensus Estimate for earnings per share for the fiscal year 2011 and 2012 are 3 cents and 21 cents, representing annual growth of 110.67% and 693.75%, respectively. The Zacks Estimate for the fourth quarter remains at a break-even level, representing growth of 104.55%.
The company is slated to release its fourth quarter results on February 22, 2012.
Lamar is a leading Louisiana-based owner and operator of outdoor advertising structures in the U.S. The company faces stiff competition from its peers in the industry including Clear Channel Outdoor Holdings Inc. ( CCO - Snapshot Report ) .
We currently maintain an Outperform recommendation on the stock.
Read the full reports :
Analyst Report on LAMR
Snapshot Report on CCO