American Tower Corporation has issued US$700m of bonds which it intends to use to finance its acquisition of Essar Telecom Infrastructure Private Limited and other recent and potential acquisitions.
It also seeks to refinance part of its US$1.25bn…
American Tower Corporation has issued US$700m of bonds which it intends to use to finance its acquisition of Essar Telecom Infrastructure Private Limited and other recent and potential acquisitions.
It also seeks to refinance part of its US$1.25bn unsecured revolving credit facility and for general corporate purposes.
The company said that it would not be commenting in the press about this transaction.
ATC originally planned only a US$500m issue, but a source that was familiar with the matter said that the offer was increased to US$700m because of “greater than anticipated investor appetite.”
The issue was priced at 5.05% and issued at 99.88% of their face value. The net proceeds of the offering are expected to be approximately US$693.8m, after deducting underwriting discounts and estimated offering expenses.
Citigroup, Credit Suisse, JP Morgan, and RBS were the joint bookrunner for the sale.
ATC announced last week that its Indian subsidiary, Transcend Infrastructure, had completed the acquisition of Indian tower company Essar Telecom Infrastructure from the Essar Group for Rs2,100 crore (US$450m).
