American Tower (AMT) Announces $1B Rev Securities Secondary Offering

March 4, 2013 9:05 AM EST
American Tower Corp (NYSE: AMT) announced that certain of its indirect subsidiaries intend to offer, in a private transaction, up to $1,800.0 million aggregate principal amount of Secured Tower Revenue Securities, Series 2013-1 and Series 2013-2 (collectively, the “Securities”). The Securities will be backed by debt of two special-purpose subsidiaries of American Tower, and will be secured primarily by mortgages on their interests in 5,195 communications sites.

The Company’s subsidiaries intend to use the net proceeds of this offering to repay all amounts outstanding under their debt backing the Commercial Mortgage Pass-Through Certificates, Series 2007-1 and for general corporate purposes.

There can be no assurance that the offering of the Securities will be consummated.

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