*American Tower Corporation* refinanced its existing $1.6 billion senior
secured credit facilities at the American Tower operating company level
with a new $1.25 billion senior unsecured revolving credit facility of
American Tower Corporation.
Boston-based American Tower is an independent owner, operator and
developer of broadcast and wireless communications sites. It owns and
operates more than 22,000 sites in the United States, Mexico and Brazil.
Additionally, American Tower manages approximately 2,000
revenue-producing rooftop and tower sites.
At closing, the company says it drew down approximately $1 billion under
the new credit facility and used the net proceeds and cash on hand to
repay all amounts outstanding under the existing AMT OpCo credit
facilities. The new credit facility has a term of five years, maturing
in full June 8, 2012.
The new senior unsecured revolving credit facility is rated BB+ by
*Standard & Poor's*, Ba1 by *Moody's* and BB+ by *Fitch*.
The company says the credit facility doesn't require amortization of
payments and may be paid prior to maturity in whole or in part at the
company's option without penalty or premium. The credit facility allows
American Tower to use borrowings for working capital and other general
corporate purposes of the company and its subsidiaries (including,
without limitation, to refinance or repurchase other indebtedness and,
provided certain conditions are met, to repurchase the company's equity
securities, in each case without additional lender approval).
http://www.telecomweb.com/tnd/23710.html
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