American Tower plans to pay down revolver debt with proceeds of notes

By Wendy Van Sickle

Columbus, Ohio, March 30 – American Tower Corp. plans to repay a portion of its debt under its 2013 revolving credit facility with some proceeds of an offering of €500 million of senior notes due 2021, according to a 424B5 filing with the Securities and Exchange Commission.

In February, the company borrowed €486 million under the revolver to partially fund the acquisition of FPS Towers, a joint venture established by American Tower and PGGM.

The credit facility matures June 28, 2020 and bears interest at Libor plus 125 basis points.

Additional proceeds of the notes will be used for general corporate purposes.

Barclays, Bank of America Merrill Lynch, Citigroup, HSBC and J.P. Morgan are the bookrunners for the offering.

American Tower is a telecommunications provider based in Boston.

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