American Tower Announces Proposed New Credit Facility.Business Editors BOSTON--(BUSINESS WIRE)--April 21, 2004 American Tower Corporation Formed in 1995, American Tower Corporation is a publicly held company (NYSE: AMT) that is a leading owner and operator of wireless and broadcast communications sites in North America. Today American Tower owns and operates over 30,000 sites in the United States, Mexico and Brazil. (NYSE NYSE See: New York Stock Exchange : AMT See vPro. ) today announced that its operating subsidiaries An operating subsidiary is a business term frequently used within the United States railroad industry. In the case of a railroad, it refers to a company that is a subsidiary but operates with its own identity and rolling stock. are seeking to refinance the company's existing credit facility with a new $1.1 billion senior secured credit facility, consisting of an unfunded $400 million revolving credit Revolving Credit A line of credit where the customer pays a commitment fee and is then allowed to use the funds when they are needed. It is usually used for operating purposes, fluctuating each month depending on the customers current cash flow needs. facility, a $300 million Term A loan and a $400 million Term B loan. The new credit facility would be guaranteed by American Tower Corporation and its subsidiaries and would be secured by a pledge of substantially all the company's assets. American Tower has received commitments from a group of lenders for the full amount of the new facility, in advance of their efforts to syndicate the facility with a larger group of financial institutions. These commitments are subject to negotiation, execution and delivery of definitive loan documentation and various other conditions. Borrowings under the new facility would be used to repay the company's existing senior secured credit facility, which currently has outstanding borrowings of approximately $666 million, and for general corporate purposes, including refinancing other existing indebtedness. The Company is seeking to have the proposed credit facility in place during the second quarter and expects that the proposed credit facility will provide the Company with greater liquidity and improve operating and financial flexibility. This press release contains "forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. " regarding the anticipated completion of the proposed new credit facility, the use of proceeds from the new credit facility, and the effects of the proposed transaction. These forward-looking statements involve a number of risks and uncertainties. Among the important factors that could cause actual results to differ materially from those indicated in such forward-looking statements include uncertainties relating to relating to relate prep → concernant relating to relate prep → bezüglich +gen, mit Bezug auf +acc market conditions for corporate debt generally, for the securities of telecommunications companies and for the company's indebtedness in particular. More information about potential risk factors that could affect our results is included in our filings with the Securities and Exchange Commission. |
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