American Tower Corporation Refinances Term Loan B.Business Editors BOSTON--(BUSINESS WIRE)--Jan. 29, 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. ) (the "Company") today announced it has refinanced its $267.0 million Term Loan B under its credit facilities credit facilities npl → facilidades fpl de crédito credit facilities npl → facilités fpl de paiement credit facilities , with a new Term Loan C due December 31, 2007. The new Term Loan C has substantially the same terms as Term Loan B, except that the interest rate spreads for LIBOR LIBOR See: London Interbank Offered Rate LIBOR See London interbank offered rate (LIBOR). and Base Rate loans were reduced by 125 basis points, from 350 to 225 and from 250 to 125, respectively. The Company also announced that it has received consents from the lenders under its credit facilities to amend the credit facilities to permit, among other things, the Company's issuance of its 7.50% Senior Notes due 2012. As previously disclosed, the issuance of the Senior Notes was conditioned upon this amendment to the credit facilities. Accordingly, the Company expects to close on both the Senior Notes issuance and the credit facilities amendment in early February. As previously announced, the expected 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 the issuance of the Senior Notes of approximately $221.7 million will be used to redeem all of the Company's outstanding 6.25% convertible notes due 2009 and a portion of the Company's other outstanding notes. This press release contains "forward-looking statements" regarding the company's ability to close on the incremental facility and the senior notes offering. 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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