American Tower (AMT) Announces Proposed Public 8.5M Share Offering of Common Stock

American Tower Corporation (NYSE: AMT) today announced that, in connection with the funding of its transaction with Telxius Telecom, S.A., pursuant to which it expects to acquire Telxius’ European and Latin American tower divisions, comprising approximately 31,000 communications sites, American Tower intends to offer 8,500,000 shares of its common stock in a registered public offering, subject to market and other conditions. American Tower intends to grant the underwriters the option to purchase up to an additional 850,000 shares common stock to cover over-allotments, if any. This offering is not contingent upon consummation of the Telxius transaction.

American Tower expects to use the net proceeds from this offering, together with cash on hand and borrowings under its revolving credit facilities and term loans, to finance the Telxius transaction and to pay related fees and expenses. If for any reason the Telxius transaction is not completed, American Tower expects to use the net proceeds from this equity offering to repay existing indebtedness and for general corporate purposes.

BofA Securities is acting as lead book-running manager for the offering. Barclays, Citigroup, Morgan Stanley and RBC Capital Markets are also acting as joint book-running managers with respect to the offering.

You May Also Be Interested In

• IBM tumbles on soft Q1 revenue; announces HashiCorp $6.4bn acquisition
• T-Mobile (TMUS) and EQT Announce JV to Acquire Lumos
• Applied DNA Sciences (APDN) Awarded Contract by HDT Bio For Rapid Vaccine Development Program