American Tower gets $325 million incremental term loan

By Sara Rosenberg

New York, March 24 - American Tower Corp. closed on a $325 million incremental term loan due June 8, 2012 on Monday, according to an 8-K filed with the Securities and Exchange Commission.

Lenders under the term loan include JPMorgan, Toronto Dominion, Royal Bank of Scotland, Calyon, Bank of Tokyo-Mitsubishi UFJ Trust Co., Union Bank of California, Morgan Stanley Bank, Mizuho Corporate Bank and Credit Suisse.

Pricing on the term loan is Libor plus 100 basis points, based on the company's current debt ratings.

Net proceeds of $321.7 million from the loan, together with available cash, will be used to repay $325 million of existing debt under the company's revolver.

American Tower is a Boston-based owner, operator and developer of broadcast and wireless communications sites.

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