American Tower plans $1.25 billion revolver to refinance bank debt

By Paul A. Harris

St. Louis, May 23 - American Tower Corp. proposes to put in place a $1.25 billion revolving credit facility, according to a company news release Wednesday.

The Boston-based operator and developer of broadcast and wireless communications sites expects to have the deal in place before the end of the present quarter.

The company will use the proceeds to repay the existing AMT OpCo credit facilities, of which about $1 billion is outstanding.

The balance of the new revolver would be available for general corporate purposes, including purchases of shares of the company's class A common stock.

Also on Wednesday, Standard & Poor's assigned its BB+ rating to the proposed revolver.

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