American Tower Corporation (NYSE: AMT) today announced the completion of
the issuance of 23,500,000 shares of its common stock and 12,500,000
depositary shares, each representing a 1/10th interest in a share of its
5.50% Mandatory Convertible Preferred Stock, Series B. The common stock
offering and depositary shares offering resulted in net proceeds to
American Tower of approximately $2.22 billion and $1.22 billion,
respectively, after reflecting underwriting discounts and estimated
offering expenses. The underwriters of each offering have exercised
their option to purchase an additional 2,350,000 shares of common stock
and an additional 1,250,000 depositary shares. This purchase will
generate net proceeds of an aggregate of approximately $0.3 billion,
after reflecting underwriting discounts and estimated offering expenses.
American Tower intends to use the net proceeds from these offerings,
together with cash on hand and borrowings under its revolving credit
facilities, to finance the recently announced Verizon transaction and to
pay related fees and expenses. If for any reason the Verizon transaction
is not completed, American Tower intends to use the net proceeds from
these equity offerings for general corporate purposes, which may include
financing other pending acquisitions or repaying existing indebtedness.
Goldman, Sachs & Co. acted as lead book-running manager for both the
common stock and the depositary shares offerings. BofA Merrill Lynch,
Barclays, Citigroup and J.P. Morgan also acted as joint book-running
managers with respect to the common stock offering, and RBC Capital
Markets, Morgan Stanley, RBS Securities Inc. and TD Securities also
acted as joint book-running managers with respect to the depositary
shares offering.
This press release shall not constitute an offer to sell or a
solicitation to buy any securities, nor shall there be any sale of these
securities in any state or jurisdiction in which such an offer,
solicitation or sale would be unlawful prior to registration or
qualification under the securities laws of any such state or
jurisdiction. The offerings were made pursuant to an effective shelf
registration statement filed with the Securities and Exchange Commission
(SEC). Each offering was made only by means of a prospectus supplement
relating to such offering and the accompanying base prospectus, copies
of which may be obtained by visiting the SEC’s website at www.sec.gov.
Alternatively, you may request the documents relating to the common
stock offering by contacting Goldman, Sachs & Co. at 1-866-471-2526,
BofA Merrill Lynch at 222 Broadway, New York, New York 10038, Attn:
Prospectus Department or by emailing dg.prospectus_requests@baml.com,
Barclays at 1-888-603-5847, Citigroup at 1-800-831-9146 and J.P. Morgan
at 1-866-803-9204. You may request the documents relating to the
depositary shares offering by contacting Goldman, Sachs & Co. at
1-866-471-2526, RBC Capital Markets at 1-877-822-4089, Morgan Stanley at
1-866-718-1649, RBS at 1-866-884-2071 and TD Securities at
1-800-263-5292.
About American Tower
American Tower is a leading independent owner, operator and developer of
communications real estate with a global portfolio of over 75,000
communications sites.
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. American Tower 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, the anticipated closing of the Verizon transaction, the
anticipated amount of net proceeds resulting from the purchase of
additional shares by the underwriters and the anticipated use of
proceeds from the offerings. 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 prevailing market conditions and
other factors. For more information about potential risk factors that
could affect American Tower and its results, we refer you to the
information contained in the prospectus supplements for these offerings
and Item 1A of the Form 10-K for the year ended December 31, 2014 under
the caption “Risk Factors” and in other filings American Tower makes
with the Securities and Exchange Commission. American Tower undertakes
no obligation to update the information contained in this press release
to reflect subsequently occurring events or circumstances.
Copyright Business Wire 2015