American Tower has priced US$650m of senior unsecured notes due 2021 to repay existing debt.
The US towerco said in a statement that the notes are being issued at 99.416% of their face value and will have a coupon of 3.45%.
The net proceeds will be…
American Tower has priced US$650m of senior unsecured notes due 2021 to repay existing debt.
The US towerco said in a statement that the notes are being issued at 99.416% of their face value and will have a coupon of 3.45%.
The net proceeds will be used to repay part of a multi-currency US$2bn senior unsecured revolving credit facility.
The NYSE-listed company has drawn upon this facility to finance recent deals, chiefly its US$386m purchase of 60 sites in the US from Richland Properties. In May, the towerco topped up the RCF with a portion of the proceeds from a US$510m convertible share sale, also used to fund acquisitions.
Joint bookrunners for the new notes offering are Citigroup, JP Morgan, Merrill Lynch, Pierce, Fenner & Smith, Mizuho and Morgan Stanley.
In mid-June, American Tower agreed to buy BR Towers in Brazil for R$2.18bn (US$978m), expanding its operations in the country. Subject to regulatory approvals and customary closing conditions, the deal is expected to close in the fourth quarter.
Boston-based American Tower owns and operates 68,000 sites, primarily across the US, but also in Brazil, Chile, Colombia, Costa Rica, Germany, Ghana, India, Mexico, Panama, Peru, South Africa and Uganda.
