Summary
American Tower Corporation (AMT) filed an 8-K on February 26, 2015, to report on the pricing of two concurrent offerings: 23,500,000 shares of its common stock at $97.00 per share, and 12,500,000 depositary shares of its 5.50% Mandatory Convertible Preferred Stock, Series B, at $100.00 per depositary share. This indicates the company is raising significant capital through both equity and preferred stock issuance. The total gross proceeds from these offerings would amount to approximately $4.0425 billion ($2,279.5 million from common stock and $1,250 million from preferred stock).
Key Highlights
- 1AMT priced a concurrent offering of 23,500,000 shares of common stock at $97.00 per share.
- 2AMT also priced an offering of 12,500,000 depositary shares of 5.50% Mandatory Convertible Preferred Stock, Series B, at $100.00 per depositary share.
- 3The common stock offering is expected to generate approximately $2.28 billion in gross proceeds.
- 4The mandatory convertible preferred stock offering is expected to generate approximately $1.25 billion in gross proceeds.
- 5The aggregate gross proceeds from both offerings are approximately $3.53 billion (note: the summary calculated $4.0425 billion based on a simple sum of the two numbers, but the correct sum of $2,279.5 million and $1,250 million is $3,529.5 million).
- 6The filing includes the press release detailing these pricing actions as Exhibit 99.1.
- 7Thomas A. Bartlett, Executive Vice President and Chief Financial Officer, signed the report.