Summary
American Tower Corporation (AMT) announced on August 7, 2014, the successful completion of a registered public offering of $650.0 million in aggregate principal amount of 3.450% senior unsecured notes due 2021. The net proceeds from this offering, approximately $641.1 million after expenses, are earmarked for repaying existing indebtedness under the company's multi-currency $2.0 billion senior unsecured revolving credit facility. This debt issuance aims to strengthen AMT's balance sheet and optimize its capital structure by refinancing existing debt. The new notes carry a fixed interest rate of 3.450% and mature on September 15, 2021, with interest payable semi-annually. The filing also details key terms of the indenture, including covenants related to mergers, asset sales, and liens, as well as provisions for early redemption and a potential repurchase obligation triggered by a Change of Control and Ratings Decline.
Key Highlights
- 1Completed a $650.0 million public offering of 3.450% senior unsecured notes due 2021.
- 2Net proceeds of approximately $641.1 million will be used to repay existing revolving credit facility debt.
- 3The new notes mature on September 15, 2021.
- 4Interest on the notes is payable semi-annually at a fixed rate of 3.450% per annum.
- 5The indenture includes covenants limiting mergers, asset sales, and incurring liens, with certain exceptions.
- 6The company may redeem the notes early at a premium.
- 7A Change of Control and Ratings Decline could trigger a mandatory repurchase of the notes at 101% of the principal amount.