8-KAcquisitions & DispositionsExhibits & Filings

AMERICAN TOWER CORP /MA/ 8-K Report, Acquisition Completed (Oct 3, 2013)

Filed October 3, 2013For Securities:AMT

Summary

American Tower Corporation (AMT) announced the completion of its acquisition of MIP Tower Holdings LLC (MIPT), the parent company of Global Tower Partners, on October 1, 2013. This significant transaction, valued at approximately $4.8 billion, involved the assumption of $1.5 billion in MIPT debt and a cash payment of $3.3 billion. The acquisition expands AMT's portfolio of communication real estate. Financing for the cash portion was primarily sourced from existing revolving credit facilities, with the remainder from cash on hand. Following the transaction, AMT reported total liquidity of $1.9 billion, comprising cash and available credit. The filing also includes the financial statements of MIPT and unaudited pro forma financial information reflecting the combined entity, providing investors with crucial data to assess the immediate impact of this strategic acquisition on the company's financial position and operational scale.

Key Highlights

  • 1Completion of the acquisition of MIP Tower Holdings LLC (Global Tower Partners) for approximately $4.8 billion.
  • 2Transaction financed through $1.5 billion in assumed debt and $3.3 billion in cash.
  • 3Cash portion of the purchase price funded by $2.8 billion in revolving credit facility borrowings and $0.5 billion in cash.
  • 4Total liquidity post-acquisition stands at $1.9 billion.
  • 5Filing includes MIPT's historical financial statements for key periods.
  • 6Unaudited pro forma financial information is provided to illustrate the combined entity's financial position.
  • 7This acquisition significantly expands AMT's communications real estate footprint.

Frequently Asked Questions

This 8-K filing formally announces the completion of American Tower Corporation's acquisition of MIP Tower Holdings LLC (Global Tower Partners) and provides key financial details related to the transaction, including the purchase price, financing, and pro forma financial information.

The acquisition was financed by assuming approximately $1.5 billion of MIPT's existing debt and paying approximately $3.3 billion in cash. The cash portion was funded by about $2.8 billion in borrowings under AMT's existing revolving credit facilities and approximately $0.5 billion from cash on hand.

Following the closing of the acquisition, American Tower reported total liquidity of $1.9 billion, which includes cash on hand and the remaining capacity under its existing revolving credit facilities. This indicates a strong liquidity position despite the significant cash outlay for the acquisition.

The filing incorporates by reference the consolidated financial statements of MIPT and unaudited pro forma condensed combined financial information for American Tower, giving effect to the acquisition. These detailed financial statements and pro forma data are included as exhibits to this report.