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Long-term Debt | 12 Months Ended
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Dec. 31, 2012
Long-term Debt | (8) Long-term Debt Long-term debt consists of the following at December 31, 2012 and 2011:
|  | 2012 |  |  | 2011 |
Senior Credit Agreement |  | $ | 384,664 |  |  | $ | 595,477 |
7 7/8% Senior Subordinated Notes |  |  | 400,000 |  |  |  | 400,000 |
6 5/8% Senior Subordinated Notes |  |  | — |  |  |  | 381,290 |
6 5/8% Senior Subordinated Notes — Series B |  |  | — |  |  |  | 191,544 |
6 5/8% Senior Subordinated Notes — Series C |  |  | — |  |  |  | 256,040 |
5 7/8% Senior Subordinated Notes |  |  | 500,000 |  |  |  | — |
5% Senior Subordinated Notes |  |  | 535,000 |  |  |  | — |
9 3/4% Senior Notes |  |  | 339,121 |  |  |  | 331,553 |
Other notes with various rates and terms |  |  | 2,069 |  |  |  | 2,624 |
|  |  | 2,160,854 |  |  |  | 2,158,528 |
Less current maturities |  |  | (33,134 | ) |  |  | (17,310 | )
Long-term debt excluding current maturities |  | $ | 2,127,720 |  |  | $ | 2,141,218 |
Long-term debt matures as follows:
2013 |  | $ | 33,134 |
2014 |  | $ | 394,853 |
2015 |  | $ | 185,698 |
2016 |  | $ | 27,142 |
2017 |  | $ | 85,000 |
Later years |  | $ | 1,435,027 |
Cash payments of future long-term debt maturities will be in excess of the schedule above due to discounts associated with the debt. As of December 31, 2012, the discount balance included above was $10,879. 6 5/8% Senior Subordinated Notes On August 16, 2005, Lamar Media Corp., issued $400,000 6 5/8% Senior Subordinated Notes due 2015. These notes are unsecured senior subordinated obligations and will be subordinated to all of Lamar Media’s existing and future senior debt, rank equally with all of Lamar Media’s existing and future senior subordinated debt and rank senior to all of our existing and any future subordinated debt of Lamar Media. These notes are redeemable at the company’s option anytime on or after August 15, 2010. The net proceeds from this issuance were used to reduce borrowings under Lamar Media’s bank credit facility. On August 17, 2006, Lamar Media Corp. issued $216,000 6 5/8% Senior Subordinated Notes due 2015-Series B. These notes are unsecured senior subordinated obligations and will be subordinated to all of Lamar Media’s existing and future senior debt, rank equally with all of Lamar Media’s existing and future senior subordinated debt and rank senior to all of our existing and any future subordinated debt of Lamar Media. These notes are redeemable at the company’s option anytime on or after August 15, 2010. The net proceeds from this issuance were used to reduce borrowings under Lamar Media’s bank credit facility and repurchase the Company’s Class A common stock pursuant to its repurchase plan. On October 11, 2007, Lamar Media Corp. issued $275,000 aggregate principal amount of 6 5/8% Senior Subordinated Notes due 2015—Series C. These notes are unsecured senior subordinated obligations and will be subordinated to all of Lamar Media’s existing and future senior debt, rank equally with all of Lamar Media’s existing and future senior subordinated debt and rank senior to all of the existing and any future subordinated debt of Lamar Media. These notes are redeemable at the company’s option anytime on or after August 15, 2010. A portion of the net proceeds from the offering of the Notes was used to repay a portion of the amounts outstanding under Lamar Media’s revolving senior credit facility. During the years ended December 31, 2012 and 2011, the Company repurchased an aggregate principal amount of $843,100 and $47,900 of its outstanding 6 5/8% Senior Subordinated Notes, respectively. A loss of $37,728 and $677 was recorded as a result of the transactions at December 31, 2012 and December 31, 2011. Of the loss recognized as of December 31, 2012 $19,285 was non-cash. As of December 31, 2012, there were no remaining 6 5/8% Senior Subordinated Notes outstanding. 9 3/4% Senior Notes On March 27, 2009, Lamar Media completed an institutional private placement of $350,000 in aggregate principal amount ($314,927 gross proceeds) of 9 3/4% Senior Notes due 2014. The institutional private placement resulted in net proceeds to Lamar Media of approximately $307,489. The senior notes mature on April 1, 2014 and bear interest at a rate of 9 3/4% per annum, which is payable semi-annually on April 1 and October 1 of each year, beginning October 1, 2009. Interest will be computed on the basis of a 360-day year comprised of twelve 30-day months. The terms of the senior notes will, among other things, limit Lamar Media’s and its restricted subsidiaries’ ability to (i) incur additional debt and issue preferred stock; (ii) make certain distributions, investments and other restricted payments; (iii) create certain liens; (iv) enter into transactions with affiliates; (v) have the restricted subsidiaries make payments to Lamar Media; (vi) merge, consolidate or sell substantially all of Lamar Media’s or the restricted subsidiaries’ assets; and (vii) sell assets. These covenants are subject to a number of exceptions and qualifications. Lamar Media may redeem up to 35% of the aggregate principal amount of the senior notes, at any time and from time to time, at a price equal to 109.75% of the aggregate principal amount so redeemed, plus accrued and unpaid interest thereon (including additional interest, if any), with the net cash proceeds of certain public equity offerings completed before April 1, 2012. At any time prior to April 1, 2014, Lamar Media may redeem some or all of the senior notes at a price equal to 100% of the principal amount plus a make-whole premium. In addition, if the Company or Lamar Media undergoes a change of control, Lamar Media may be required to make an offer to purchase each holder’s senior notes at a price equal to 101% of the principal amount of the senior notes, plus accrued and unpaid interest (including additional interest, if any), up to but not including the repurchase date. 7 7/8% Senior Subordinated Notes On April 22, 2010, Lamar Media completed an institutional private placement of $400,000 aggregate principal amount of 7 7/8% Senior Subordinated Notes due 2018. The institutional private placement resulted in net proceeds to Lamar Media of approximately $392,000. Lamar Media may redeem up to 35% of the aggregate principal amount of the Notes, at any time and from time to time, at a price equal to 107.875% of the aggregate principal amount so redeemed, plus accrued and unpaid interest thereon (including additional interest, if any), with the net cash proceeds of certain public equity offerings completed before April 15, 2013, provided that following the redemption at least 65% of the 7 7/8% Senior Subordinated Notes that were originally issued remain outstanding. At any time prior to April 15, 2014, Lamar Media may redeem some or all of the 7 7/8% Senior Subordinated Notes at a price equal to 100% of the principal amount plus a make-whole premium. On or after April 15, 2014, Lamar Media may redeem the 7 7/8% Senior Subordinated Notes, in whole or part, in cash at redemption prices specified in the Indenture. The Company used the proceeds of this offering, after the payment of fees and expenses, to repurchase all of its outstanding 7 1/4% Senior Subordinated Notes. 5 7/8% Senior Subordinated Notes On February 9, 2012, Lamar Media completed an institutional private placement of $500,000 aggregate principle amount of 5 7/8% Senior Subordinated Notes, due 2022. The institutional private placement resulted in net proceeds to Lamar Media of approximately $489,000. Lamar Media may redeem up to 35% of the aggregate principal amount of the Notes, at any time and from time to time, at a price equal to 105.875% of the aggregate principal amount so redeemed, plus accrued and unpaid interest thereon, with the net cash proceeds of certain public equity offerings completed before February 1, 2015, provided that following the redemption, at least 65% of the Notes that were originally issued remain outstanding. At any time prior to February 1, 2017, Lamar Media may redeem some or all of the Notes at a price equal to 100% of the aggregate principal amount plus a make-whole premium. On or after February 1, 2017, Lamar Media may redeem the Notes, in whole or in part, in cash at redemption prices specified in the Notes. In addition, if the Company or Lamar Media undergoes a change of control, Lamar Media may be required to make an offer to purchase each holder’s Notes at a price equal to 101% of the principal amount of the Notes, plus accrued and unpaid interest, up to but not including the repurchase date. The Company used the proceeds of this offering, after payment and fees, to repurchase its tendered and accepted 6 5/8% Senior Subordinated Notes. 5% Senior Subordinated Notes On October 30, 2012, Lamar Media completed an institutional private placement of $535,000 aggregate principal amount of 5% Senior Subordinated Notes due 2023. The institutional private placement resulted in net proceeds to Lamar Media of approximately $527,100. Lamar Media may redeem up to 35% of the aggregate principal amount of the Notes, at any time and from time to time, at a price equal to 105% of the aggregate principal amount so redeemed, plus accrued and unpaid interest thereon, with the net cash proceeds of certain public equity offerings completed before November 1, 2015, provided that following the redemption, at least 65% of the Notes that were originally issued remain outstanding. At any time prior to May 1, 2018, Lamar Media may redeem some or all of the Notes at a price equal to 100% of the aggregate principal amount plus a make-whole premium. On or after May 1, 2018, Lamar Media may redeem the Notes, in whole or in part, in cash at redemption prices specified in the Notes. In addition, if the Company or Lamar Media undergoes a change of control, Lamar Media may be required to make an offer to purchase each holder’s Notes at a price equal to 101% of the principal amount of the Notes, plus accrued and unpaid interest, up to but not including the repurchase date. The Company used the net proceeds from the 5% Senior Subordinated Note offering to purchase all of the outstanding common stock of NextMedia Outdoor, Inc. for $145,000, redeem in full all of our 6 5/8% Senior Subordinated Notes outstanding and to repay $295,000 of the Term B loan outstanding under our senior credit facility. 2010 Senior Credit Facility On February 9, 2012, Lamar Media entered into a restatement agreement with respect to its existing senior credit facility in order to fund a new $100,000 Term loan A facility and to make certain covenant changes to the senior credit facility, which was entered into on April 28, 2010, as amended on June 11, 2010, November 18, 2010 and February 9, 2012, for which JPMorgan Chase Bank, N.A. serves as administrative agent. The senior credit facility consists of a $250,000 revolving credit facility, a $270,000 term loan A-1 facility, a $30,000 term loan A-2 facility, a $100,000 term loan A-3 facility, a $575,000 term loan B facility and a $300,000 incremental facility, which may be increased by up to an additional $200,000 based upon our satisfaction of a senior debt ratio test (as described below), of less than or equal to 3.25 to 1. Lamar Media is the borrower under the senior credit facility, except with respect to the $30,000 term loan A-2 facility for which Lamar Media’s wholly owned subsidiary, Lamar Advertising of Puerto Rico, Inc. is the borrower. We may also from time to time designate additional wholly owned subsidiaries as subsidiary borrowers under the incremental loan facility that can borrow up to $110,000 of the incremental facility. Incremental loans may be in the form of additional term loan tranches or increases in the revolving credit facility. Our lenders have no obligation to make additional loans to us, or any designated subsidiary borrower, under the incremental facility, but may enter into such commitments in their sole discretion. On December 14, 2012, Lamar Media repaid $295,000 of its Term B loan outstanding under its senior credit facility. Lamar Media recorded a non-cash loss of $3,904 related to this prepayment due to the write off of previously capitalized and unamortized debt issuance costs. As of December 31, 2012, $22,164 remains outstanding under the Term B loans. The remaining quarterly amortizations of the Term facilities as of December 31, 2012 is as follows:
|  | Term A-1 |  |  | Term A-2 |  |  | Term A-3 |  |  | Term B |
March 31, 2013 — September 30, 2013 |  | $ | 6,750 |  |  | $ | 750 |  |  | $ | 625 |  |  | $ | — |
December 31, 2013 — March 31, 2014 |  | $ | 6,750 |  |  | $ | 750 |  |  | $ | 625 |  |  | $ | 57.4 |
June 30, 2014 — December 31, 2014 |  | $ | 13,500 |  |  | $ | 1,500 |  |  | $ | 625 |  |  | $ | 57.4 |
March 31, 2015 |  | $ | 13,500 |  |  | $ | 1,500 |  |  | $ | 1,250 |  |  | $ | 57.4 |
June 30, 2015 — September 30, 2015 |  | $ | 37,125 |  |  | $ | 4,125 |  |  | $ | 1,250 |  |  | $ | 57.4 |
December 31, 2015 |  | $ | 74,250 |  |  | $ | 8,250 |  |  | $ | 1,250 |  |  | $ | 57.4 |
March 31, 2016 — September 30, 2016 |  | $ | — |  |  | $ | — |  |  | $ | 1,250 |  |  | $ | 57.4 |
December 31, 2016 |  | $ | — |  |  | $ | — |  |  | $ | 1,250 |  |  | $ | 21,474.7 |
March 31, 2017— June 30, 2017 |  | $ | — |  |  | $ | — |  |  | $ | 21,250 |  |  | $ | — |
August 9, 2017 |  | $ | — |  |  | $ | — |  |  | $ | 42,500 |  |  | $ | — |
In addition to the amortizations of our Term facilities, Lamar Media may be required to make certain mandatory prepayments on loans outstanding under the senior credit facility that would be applied first to any outstanding term loans, commencing with the year ended December 31, 2010. These payments, if any, are determined annually and are calculated based on a percentage of Consolidated Excess Cash Flow (as defined in the senior credit facility) at the end of each fiscal year. The percentage of Consolidated Excess Cash Flow that must be applied to repay outstanding loans was set at 50% for the fiscal year ended December 31, 2010. For fiscal years ending on or after December 31, 2011, this percentage is subject to a reduction to 0% if the total holdings debt ratio, as described above, is less than or equal to 5.00 to 1.00 as of the last day of such fiscal year. The Company will not be required to make a mandatory prepayment in respect of Consolidated Excess Cash Flow for the fiscal year ended December 31, 2012 since there was a consolidated cash flow deficit, in accordance with the calculation as defined in the senior credit facility and the total holdings debt ratio was less than 5.0 to 1.0. As of December 31, 2012, there was $0 revolving credit loans outstanding under the revolving facility. The revolving facility terminates April 28, 2015. Availability of the revolving facility is reduced by the amount of letters of credit outstanding. The Company had $7,689 letters of credit outstanding as of December 31, 2012 and $242,311 availability under its revolving facility. Revolving credit loans may be requested under the revolving credit facility at any time prior to maturity. The loans bear interest, at the Company’s option, at the LIBOR Rate or JPMorgan Chase Prime Rate plus applicable margins, such margins being set from time to time based on the Company’s ratio of debt to trailing twelve month EBITDA, as defined in the agreement. The terms of the indenture relating to Lamar Advertising’s outstanding notes, Lamar Media’s senior credit facility and the indenture relating to Lamar Media’s outstanding notes restrict, among other things, the ability of Lamar Advertising and Lamar Media to:
| • | dispose of assets;
| • | incur or repay debt;
| • | create liens;
| • | make investments; and
| • | pay dividends.
Lamar Media’s ability to make distributions to Lamar Advertising is also restricted under the terms of these agreements. Under Lamar Media’s senior credit facility the Company must maintain specified financial ratios and levels including:
| • | fixed charges coverage ratio;
| • | senior debt ratio; and
| • | total holdings debt ratio.
Lamar Advertising and Lamar Media were in compliance with all of the terms of all of the indentures and the applicable senior credit agreement during the periods presented.
LAMAR MEDIA CORP [Member] |
Long-term Debt | (5) Long-term Debt Long-term debt consists of the following at December 31, 2012 and 2011:
|  | 2012 |  |  | 2011 |
Senior Credit Agreement |  | $ | 384,664 |  |  | $ | 595,477 |
7 7/8% Senior Subordinated Notes |  |  | 400,000 |  |  |  | 400,000 |
6 5/8% Senior Subordinated Notes |  |  | — |  |  |  | 381,290 |
6 5/8% Senior Subordinated Notes — Series B |  |  | — |  |  |  | 191,544 |
6 5/8% Senior Subordinated Notes — Series C |  |  | — |  |  |  | 256,040 |
5 7/8% Senior Subordinated Notes |  |  | 500,000 |  |  |  | — |
5% Senior Subordinated Notes |  |  | 535,000 |  |  |  | — |
9 3/4% Senior Notes |  |  | 339,121 |  |  |  | 331,553 |
Other notes with various rates and terms |  |  | 2,069 |  |  |  | 2,624 |
|  |  | 2,160,854 |  |  |  | 2,158,528 |
Less current maturities |  |  | (33,134 | ) |  |  | (17,310 | )
Long-term debt excluding current maturities |  | $ | 2,127,720 |  |  | $ | 2,141,218 |
Long-term debt matures as follows:
2013 |  | $ | 33,134 |
2014 |  | $ | 394,853 |
2015 |  | $ | 185,698 |
2016 |  | $ | 27,142 |
2017 |  | $ | 85,000 |
Later years |  | $ | 1,435,027 |
Cash payments of future long-term debt maturities will be in excess of the schedule above due to discounts associated with the debt. As of December 31, 2012, the discount balance included above was $10,879.

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- Definition The entire disclosure for long-term debt. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.22) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 02 -Paragraph 22 -Article 5 + Details
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