Lamar Advertising Extends Accounts Receivable Securitization Program Maturity to 2029

Event Overview

On October 1, 2026, Lamar Advertising Company's operating subsidiary, Lamar Media Corp., alongside special purpose subsidiaries Lamar QRS Receivables, LLC and Lamar TRS Receivables, LLC, entered into the Eighth Amendment to its Receivables Financing Agreement originally established on December 18, 2018.

Key Terms of the Amendment

• Maturity Date Extension: The amendment extends the facility's termination date under the Accounts Receivable Securitization Program to October 1, 2029.
• Eligibility Criteria: Introduces additional flexibility for the eligibility of certain receivables within the program borrowing base.
• Administrative Agent: PNC Bank, National Association continues to serve as Administrative Agent and Lender, with PNC Capital Markets LLC as Structuring Agent and Sustainability Agent.
• Guaranty: Lamar Media Corp. reaffirmed and ratified its performance obligations under the Performance Guaranty.

Capital Structure & Market Impact

• Liquidity Continuity: This routine amendment successfully extends a key, low-cost component of Lamar's working capital and short-term debt financing by three years, eliminating near-term refinancing risk for the receivables facility.
• Trading Significance: Rated Low, as the transaction represents an ordinary-course maturity extension and amendment without disruption to core operations or substantial dilution.