US towerco American Tower is to issue US$500m of 10-year notes, rated Baa3 by Moody’s.
In a preliminary prospectus filed with the SEC the company said that the joint book-running managers are Barclays, JP Morgan, RBC Capital Markets and RBS.
American…
US towerco American Tower is to issue US$500m of 10-year notes, rated Baa3 by Moody’s.
In a preliminary prospectus filed with the SEC the company said that the joint book-running managers are Barclays, JP Morgan, RBC Capital Markets and RBS.
American Tower also disclosed that the proceeds from the offering may be used for financing possible acquisitions, refinancing its indebtedness, and repurchasing common stock.
In the filing the towerco said it had borrowed close to US$1.3bn from its revolvers to fund acquisitions completed in Q4 of last year.
It spent US$525.7m on buying over 2,000 towers in Germany from KPN subsidiary E-Plus, US$506.6m on 680 towers in the US, and made two acquisitions of small portfolios in Mexico and Colombia.
Moody’s said the bond would be used to repay outstanding borrowings under the towerco’s existing credit facilities and restore revolver capacity.
