American Tower Corporation (NYSE: AMT) today announced that it has
completed its previously announced acquisition of 100% of the
outstanding common membership interests of MIP Tower Holdings LLC, a
private real estate investment trust, which is the parent company of
Global Tower Partners (“GTP”), an owner and operator of communications
real estate, and related companies. GTP was majority owned by Macquarie
Infrastructure Partners together with minority partners including Dutch
pension fund manager PGGM and management.
As consideration for the acquisition, American Tower assumed
approximately $1.5 billion of existing GTP debt and paid approximately
$3.3 billion in cash. American Tower used approximately $2.8 billion of
borrowings under its existing revolving credit facilities and
approximately $0.5 billion of cash on hand to satisfy the cash portion
of the purchase price. At closing, a portion of the cash consideration
was placed in escrow for payment of potential indemnification
obligations and purchase price adjustments. Following the closing,
American Tower had total liquidity of $1.9 billion, which included cash
on hand and remaining capacity under its existing revolving credit
facilities.
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 61,000 communications sites in the
United States, Brazil, Chile, Colombia, Costa Rica, Germany, Ghana,
India, Mexico, Panama, Peru, South Africa and Uganda. For more
information about American Tower, please visit www.americantower.com.
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. We have 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 use of funds held in escrow for potential
indemnification or purchase price adjustments. 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 our 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 Item 1A of our Form 10-Q for
the quarter ended June 30, 2013 under the caption “Risk Factors” and in
other filings we make with the Securities and Exchange Commission. We
undertake no obligation to update the information contained in this
press release to reflect subsequently occurring events or circumstances.
Copyright Business Wire 2013