American Tower Gets a New Loan
October 29, 2013 at 4:59 PM (PT)
AMERICAN TOWER CORP. has entered into a new $1.5 billion unsecured term loan. The Company received net proceeds of approximately $1.495 billion from the term loan, which were used together with cash on hand to repay its existing $750 million unsecured term loan entered into in JUNE 2012 and $800 million of outstanding indebtedness under its $1.0 billion unsecured revolving credit facility entered into in JANUARY 2012.
As a result of the new term loan, the Company has liquidity of approximately $2.6 billion, which includes cash on hand and the capacity to borrow under its existing revolving credit facilities. The new term loan matures on JANUARY 3rd, 2019 and based on the Company’s debt rating, the current interest rate is LIBOR plus 1.25%. The term loan does not require amortization of principal and may be paid prior to maturity in whole or in part at the Company’s option without penalty or premium.