US-based towerco American Tower plans to offer up to US$1.8bn of secured tower revenue securities to refinance its mortgage-backed security portfolio.
The securities will be backed by the debt of two special-purpose subsidiaries of American Tower, and…
US-based towerco American Tower plans to offer up to US$1.8bn of secured tower revenue securities to refinance its mortgage-backed security portfolio.
The securities will be backed by the debt of two special-purpose subsidiaries of American Tower, and will be secured primarily by mortgages on 5,195 towers.
American Tower’s existing mortgage-backed debt portfolio was put in place in 2007.
Speaking at an investment conference on 4 March, CFO Thomas Bartlett described the tap as being “opportunistic”.
“The rate environment looked attractive and we’re in the market,” he said.
The issue will be in two tranches – known as Series 2013-1 and Series 2013-2 – and will be sold in private transactions.
According to Fitch the 2013-1 class will be for US$500m while the 2013-2 class will be for US$1.3bn. The ratings agency gave the proposed commercial mortgage-backed securities offering a AAA rating.
American Tower has a total of 54,000 towers across the US, Brazil, Chile, Colombia, Germany, Ghana, India, Mexico, Peru, South Africa and Uganda.
