American Tower Corporation (NYSE: AMT) (the “Company”) today announced
that American Tower Depositor Sub, LLC, a special-purpose subsidiary of
the Company completed the previously announced private offering of
$1,800.0 million aggregate principal amount of Secured Tower Revenue
Securities, Series 2013-1 and Series 2013-2 (collectively, the
"Securities"). The Securities are backed by the debt of two other
special-purpose subsidiaries of the Company and the debt is secured
primarily by mortgages on the subsidiaries’ interests in 5,195
communications sites. The Series 2013-1 has a principal balance of
$500.0 million, an interest rate of 1.551% and an expected life of
approximately five years with a final maturity of March 2043. The Series
2013-2 has a principal balance of $1,300.0 million, an interest rate of
3.070% and an expected life of approximately ten years with a final
maturity of March 2048.
The Company’s subsidiaries used a substantial portion of the proceeds
(after payment of underwriting commissions and other transaction
expenses and funding of certain reserve accounts) of this offering to
repay all amounts outstanding under the debt backing the $1,750.0
million Commercial Mortgage Pass-Through Certificates, Series 2007-1,
and will use the remainder of the proceeds for general corporate
purposes.
This press release is neither an offer to sell nor a solicitation of an
offer to buy any of the Securities, solicitation or sale in any
jurisdiction in which such offer, solicitation or sale is unlawful. The
Securities subject to the proposed offering 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 under the Securities Act, to institutional
accredited investors and to non-U.S. persons in offshore transactions in
reliance on Regulation S under the Securities Act. Unless so registered,
the Securities may not be offered or sold in the United States or to
U.S. persons except pursuant to an exemption from the registration
requirements of the Securities Act and applicable state securities laws.
About American Tower
American Tower is a leading independent owner, operator and developer of
wireless and broadcast communications real estate. American Tower
currently owns and operates over 54,000 communications sites in the
United States, Brazil, Chile, Colombia, Germany, Ghana, India, Mexico,
Peru, South Africa and Uganda.
Cautionary Language Regarding Forward-Looking Statements
This press release contains statements about future events and
expectations, or “forward-looking statements,” all of which are
inherently uncertain. The Company has based those forward-looking
statements on management’s current expectations and assumptions and not
on historical facts. Examples of these statements include, but are not
limited to, statements regarding the expected life of the Securities.
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, for the securities of telecommunications companies and for
the Company’s indebtedness in particular. For other important factors
that may cause actual results to differ materially from those indicated
in our forward-looking statements, we refer you to the information
contained in the prospectus supplement for this offering and Item 1A of
the Form 10-K for the year ended December 31, 2012 under the caption
“Risk Factors” and in other filings the Company makes with the
Securities and Exchange Commission. The Company undertakes no obligation
to update the information contained in this press release to reflect
subsequently occurring events or circumstances.
