American Tower/SpectraSite $2.45 billion credit facilities to launch Oct. 5

By Sara Rosenberg

New York, Sept. 28 - American Tower Corp. is scheduled to hold a bank meeting on Oct. 5 to launch $2.45 billion in all pro-rata credit facilities to be divided into a $1.3 billion credit facility for American Tower and a $1.15 billion credit facility for SpectraSite Inc., according to a market source.

TD Securities and JPMorgan are joint lead arrangers on the deals, with TD the left lead on SpectraSite facility and JPMorgan left lead on the American Tower facility. TD is also administrative agent for both facilities.

The American Tower five-year facility consists of a $750 million term loan A, a $250 million delayed-draw term loan A with one-year availability and a $300 million revolver. All tranches are talked at Libor plus 75 basis points, the source said.

The SpectraSite five-year facility consists of a $700 million term loan A, a $200 million delayed-draw term loan A with one-year availability and a $250 million revolver. All tranches are talked at Libor plus 75 bps as well, the source added.

Proceeds will be used to refinance existing bank debt and for general corporate purposes.

In August, Boston-based American Tower completed its merger with SpectraSite, creating a combined company with a portfolio of over 22,000 owned communications sites, including over 21,500 wireless towers, over 400 broadcast towers and nearly 100 in-building sites.

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