American Tower Completes $1.1 Billion Credit Facility.Business Editors/High-Tech Writers BOSTON--(BUSINESS WIRE)--May 25, 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 have successfully refinanced the Company's previous credit facility with a new $1.1 billion senior secured credit facility, consisting of a $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 is guaranteed by American Tower Corporation and its subsidiaries and is secured by a pledge of substantially all the Company's assets. At closing, the Company received approximately $685 million of net proceeds Net Proceeds The amount received after all costs are deducted from the sale of a piece of property or security. Notes: In the case of an investor selling a security, net proceeds represent the proceeds from the sale minus any trading costs (i.e. commissions). from borrowings under the new facility, after deducting related expenses and fees. Approximately $670 million of the net proceeds were used to repay principal and interest on the outstanding borrowings of the Company's previous credit facility. The Company plans to use the remaining $15 million of net proceeds for general corporate purposes, including refinancing other existing indebtedness. The new facility extends the maturity dates from 2007 to 2011 for a majority of the borrowings outstanding under the new credit facility, subject to certain conditions, and permits the Company to use borrowings under the new facility and internally generated funds to repurchase other indebtedness without seeking approval from the lenders under the new facility. American Tower is the leading independent owner, operator and developer of broadcast and wireless communications wireless communications System using radio-frequency, infrared, microwave, or other types of electromagnetic or acoustic waves in place of wires, cables, or fibre optics to transmit signals or data. sites in North America North America, third largest continent (1990 est. pop. 365,000,000), c.9,400,000 sq mi (24,346,000 sq km), the northern of the two continents of the Western Hemisphere. . American Tower operates approximately 15,000 sites in the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. , Mexico, and Brazil, including approximately 300 broadcast tower sites. For more information about American Tower Corporation, please visit our website www.americantower.com. This press release contains "forward-looking statements," including, but not limited to, plans, projections and estimates regarding (1) use of the proceeds from the credit facilities, (2) the repurchase, retirement or refinancing of other indebtedness and (3) the effect of the transactions described herein, including effects on our financial flexibility. 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 market conditions for corporate debt generally, from 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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