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Mobile & Wireless

ATC raises USD 1.8 bln with mortgage-backed securities

Thursday 7 March 2013 | 09:57 CET | News
American Tower Corp has raised USD 1.8 billion an offering of Secured Tower Revenue Securities. The Securities will be backed by the debt of two special-purpose subsidiaries that will be secured primarily by mortgages on their interests in 5,195 communications sites. The Series 2013-1 issue has a principal balance of USD 500 million, an interest rate of 1.551 percent and an expected life of five years, with a final maturity of March 2043. The Series 2013-2 has a principal balance of USD 1.30 billion, an interest rate of 3.070 percent and an expected life of approximately ten years, with a final maturity of March 2048. The company intends to use the net proceeds to repay all amounts outstanding under debt backing the USD 1.75 billion Commercial Mortgage Pass-Through Certificates, Series 2007-1, and for general corporate purposes.

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Categories: Mobile & Wireless
Companies: American Tower Corporation
Countries: United States
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