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American Tower to pay down credit facilities via new notes offerings
By Tali Rackner
Minneapolis, Jan. 7 - American Tower Corp. plans to repay debt incurred under its 2012 credit facility and 2013 credit facility with the proceeds from new senior notes offerings, according to a 424B5 filed with the Securities and Exchange Commission.
The 2012 facility matures on Jan. 31, 2017 and currently bears interest at Libor plus 162.5 basis points. In September, the company borrowed about $963 million under the facility to finance an acquisition, and it subsequently repaid $750 million with proceeds from a $1.5 billion unsecured term loan entered into in October and $125 million from cash on hand.
The 2013 facility matures on June 28, 2018 and includes two one-year renewal periods at American Tower's option and bears interest at Libor plus 125 bps. In September, the company borrowed roughly $1,853,000,000 under the facility.
The remainder of the proceeds, if any, will be used for general corporate purposes, including repaying other existing debt.
The owner, operator and developer of wireless and broadcast communications real estate is based in Boston.
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