Item 1.01. Entry into a Material Definitive Agreement.
On October 23, 2020, Lamar Advertising Company's direct wholly owned subsidiary
Lamar Media Corp. ("Lamar Media") and indirect wholly-owned special purpose
subsidiaries, Lamar QRS Receivables, LLC and Lamar TRS Receivables, LLC
(collectively, the "SPEs") entered into the Fourth Amendment, dated as of
October 23, 2020 (the "Amendment") to the Receivables Financing Agreement dated
December 18, 2018, by and among Lamar Media, as Initial Servicer, the SPEs, as
Borrowers, PNC Bank, National Association, as Administrative Agent and a Lender,
PNC Capital Markets LLC, as Structuring Agent, and certain lenders from time to
time party thereto (such agreement, as amended, the "Receivables Financing
Agreement"). Capitalized terms not defined herein shall have the meanings set
forth in the Receivables Financing Agreement.
The Receivables Financing Agreement established a $175.0 million accounts
receivable securitization program (the "Accounts Receivable Securitization
Program"), maturing on December 17, 2021.
The Amendment increases the maximum three month average Delinquency Ratio
generally to 13.00%, and up to 16.00% for up to two additional periods upon
written notice from Lamar Media and increases the maximum three month average
Dilution Ratio to 5.00% for the remaining term of the Accounts Receivable
Securitization Program. The Amendment does not modify any other financial
covenant.
Additionally, the Amendment increases the Minimum Funding Threshold, which
requires the SPEs to maintain minimum borrowings under the Accounts Receivable
Securitization Program, with certain exceptions.
The Administrative Agent and its affiliates perform various financial advisory,
investment banking and commercial banking services from time to time for Lamar
Media and its affiliates, for which they receive customary fees. The
Administrative Agent is a lender under Lamar Media's senior credit facility, for
which they receive customary fees and expense reimbursement in connection
therewith.
The description above is qualified in its entirety by the Amendment filed as
Exhibit 10.1 to this Current Report on Form
8-K
and incorporated herein by reference.
Item 2.03. Creation of a Direct Financial Obligation or an Obligation under an
Off-Balance
Sheet Arrangement of a Registrant.
The information set forth in Item 1.01 above is incorporated by reference into
this Item 2.03.
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Item 9.01. Financial Statements and Exhibits.
(d) Exhibits

Exhibit
  No.       Description

10.1          Fourth Amendment to the Receivables Financing Agreement, dated as of
            October 23, 2020, among Lamar Media, as Initial Servicer, the SPEs, as
            Borrowers, and PNC Bank, National Association, as Administrative Agent
            and a Lender.

104         Cover Page Interactive Data File-(embedded within the Inline XBRL
            document).

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