American Tower Corporation Prices Senior Subordinated Note Offering.Business Editors BOSTON--(BUSINESS WIRE)--Nov. 3, 2003 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 American Towers, Inc., its wholly owned subsidiary Wholly Owned Subsidiary A subsidiary whose parent company owns 100% of its common stock. Notes: In other words, the parent company owns the company outright and there are no minority owners. , has agreed to sell $400.0 million principal amount of 7.25% senior subordinated notes due 2011 of in an institutional private placement, as previously announced. The notes were priced at par and the aggregate 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). to the Company are expected to be approximately $389.3 million. The company intends to use the net proceeds to repay indebtedness under its credit facilities credit facilities npl → facilidades fpl de crédito credit facilities npl → facilités fpl de paiement credit facilities and is currently seeking an amendment to its credit facilities to permit the issuance of the notes. The closing is expected to occur on or about November 18, 2003 and is subject to the consent of the lenders under the credit facilities and customary closing conditions. This announcement is neither an offer to sell nor a solicitation of an offer to buy any of the notes. The notes have not been registered under the Securities Act of 1933, as amended, or any state securities laws, and are being offered only to qualified institutional buyers in reliance on Rule 144A Rule 144A A Securities & Exchange Commission rule modifying a two-year holding period requirement on privately placed securities to permit qualified institutional buyers to trade these positions among themselves. under the Securities Act. Unless so registered, the notes may not be offered or sold in the United States except pursuant to an exemption from registration requirements of the Securities Act and applicable state securities laws. This press release contains "forward-looking statements" regarding the company's ability to complete this private placement, including obtaining the consent of the lenders under the credit facilities.. 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 market conditions for corporate debt securities generally, for the securities of telecommunications companies and for the company's securities in particular. |
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