US towerco American Tower has issued US$700m in ten-year senior unsecured notes. The notes carry a coupon of 4.7% and an issue price of 99.810.
The company plans to use the proceeds to refinance existing debt incurred under its credit facilities. This…
US towerco American Tower has issued US$700m in ten-year senior unsecured notes. The notes carry a coupon of 4.7% and an issue price of 99.810.
The company plans to use the proceeds to refinance existing debt incurred under its credit facilities. This debt had been used to fund recent acquisitions.
The joint bookrunning managers for the offering are Citigroup, JP Morgan, Mizuho, Morgan Stanley and TD Securities.
The notes were rated BBB- by Fitch, Baa3 by Moody’s and BB+ by Standard & Poor’s.
According to American Tower’s 2011 annual report, released last week, the company had US$7.2bn of consolidated debt at the end of last year. It also had the ability to borrow an additional US$1.6bn under its credit facilities.
American Tower made a US$500m bond offering in October. It said at the time that it would use the proceeds to finance acquisitions and to repay a portion of the debt under its revolving credit facility.
2011 saw the company expanding in both the US and its other markets in Africa and Latin America.
In December, the towerco agreed to pay US$500m to acquire tower sites in Mexico from Telefonica, which it followed with a smaller acquisition of towers in Chile in January.
It also agreed in December to pay US$89m for a 51% stake in a tower JV in Uganda with the local subsidiary of the MTN Group.
