Is it good that they appear to be replacing "secured" debt with
"unsecured" debt" ?
Peter R. wrote:
*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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