Key Developments: American Tower Corp (AMT)
7 Mar 2014
Latest Key Developments (Source: Significant Developments)
Reuters reported that American Tower Corp said it would buy the parent of telecom tower operator Global Tower Partners for $3.3 billion. The Company will also assume $1.5 billion in debt as part of the deal. Full Article
American Tower Corp announced that it has entered into a definitive agreement to acquire 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), and related companies, for a total purchase price of approximately $4.8 billion, subject to customary adjustments. GTP is majority owned by Macquarie Infrastructure Partners together with minority partners including Dutch pension fund manager PGGM and management. The transaction is subject to customary closing conditions and is expected to close in the fourth quarter of 2013. American Tower was advised by Goldman, Sachs & Co. and EA Markets Securities LLC, as financial advisors, and Clifford Chance US LLP and Sullivan & Worcester LLP, as legal advisors. GTP was advised by Deutsche Bank Securities Inc. as exclusive financial advisor. The purchase price is expected to be satisfied with approximately $3.3 billion in cash and the assumption of approximately $1.5 billion of existing indebtedness. American Tower expects to use cash on hand and borrowing capacity under its existing revolving credit facilities, as supplemented by additional anticipated sources of debt financing, to satisfy the cash consideration for this acquisition and other previously announced acquisitions. Full Article
Dow Jones reported that American Tower Corporation announced the pricing of its registered public offering of senior unsecured notes due 2019 and 2024, in aggregate principal amounts of $750 million and $500 million, respectively. The 2019 notes will have an interest rate of 3.40% per annum and are being issued at a price equal to 99.911% of their face value. The 2024 notes will have an interest rate of 5.00% per annum and are being issued at a price equal to 99.888% of their face value. The net proceeds of the offering are expected to be approximately $1,238.7 million, after deducting underwriting discounts and estimated offering expenses. The Company intends to use the net proceeds from this offering to repay existing indebtedness incurred under the 2013 Credit Facility and/or other credit facilities, finance recently announced acquisitions and for general corporate purposes. Citigroup Global Markets Inc., Merrill Lynch, Pierce, Fenner & Smith Incorporated, Mizuho Securities USA Inc., Morgan Stanley & Co. LLC and TD Securities (USA) LLC are acting as joint book-running managers for the offering. Full Article
NII Holdings Inc announced that it has agreed to sell approximately 2,790 towers in Brazil and 1,666 towers in Mexico to American Tower Corp in two separate transactions for total estimated proceeds based on current foreign currency exchange rates of $413 million and $398 million, respectively, subject to certain adjustments, including adjustments based on the actual number of towers sold. Both Nextel Brazil and Nextel Mexico agreed to leaseback the towers from American Tower for a minimum 12-year initial lease term and have the option to extend the lease for additional renewal periods. NII International Telecom S.C.A, a subsidiary of NII based in Luxembourg, has agreed to provide certain credit support with respect to the obligations of Nextel Brazil. The transaction agreements provide that all payments, including the purchase price and site rental, will be made in local currencies. As a result, the estimated U.S. dollar denominated proceeds amounts are subject to changes in value of the local currencies relative to the U.S. dollar. Full Article
American Tower Corp announced that it has reaffirmed the midpoint of fiscal 2013 outlook for total rental and management revenue and increased the midpoint of its fiscal 2013 outlook for Adjusted EBITDA by $5 million and AFFO by $10 million. Previously the Company expected adjusted EBITDA in the range of $2.080-$2.130 billion. According to I/B/E/S Estimates, analysts are expecting the Company to report EBITDA of $2.126 billion for fiscal 2013. Full Article
American Tower Corp announced that Board Of Directors has declared its quarterly cash distribution of $0.27 per share. The distribution is payable on July 16, 2013 to stockholders of record at the close of business on June 17, 2013. Full Article
American Tower Corp announced that for fiscal 2013, it expects net income in the range of $765-$840 million and adjusted EBITDA in the range of $2.080-$2.130 billion. According to I/B/E/S Estimates, analysts are expecting the Company to report EBITDA of $2.113 billion for fiscal 2013. Full Article
American Tower Corp announced that its Board of Directors has declared its quarterly cash distribution of $0.26 per share. The distribution is payable on April 25, 2013 to stockholders of record as of the close of business on April 10, 2013. Full Article
American Tower Corp announced that for fiscal 2013, it expects net income in the range of $765-$840 and adjusted EBITDA in the range of $2.080 to $2.130 billion. According to I/B/E/S Estimates, analysts were expecting the Company to report net income of $846 million and EBITDA of $2.08 billion for fiscal 2013. Full Article
Axtel SAB de CV Announces Signing of Tower Sale Agreement with American Tower Corp's MATC Digital, S. de R.L. de C.V.
Axtel SAB de CV announced the signing of definitive agreements with MATC Digital, S. de R.L. de C.V., a subsidiary of American Tower Corp, for the sale of 883 telecommunication sites for approximately USD250 million. As previously informed, AXTEL is agreeing to lease back space on these telecommunication sites from American Tower for initial minimum lease terms ranging from 6 to 15 years depending on the technology installation at each site. The closing of this transaction is conditioned upon and expected to occur concurrently with the closing of the Exchange Offers on January 31, 2013. Full Article
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