American Tower accepts tenders for 99.9% of 7¼% notes

By Laura Lutz

New York, May 8 - American Tower Corp. subsidiary American Towers, Inc. received tenders and consents for about 99.9% of its 7¼% senior subordinated notes due 2011 by the consent deadline at 5 p.m. ET on May 4.

The company accepted tenders for $324.712 million of the $325.075 million principal amount of notes previously outstanding.

For each $1,000 principal amount of notes tendered, the payout is $1,044.56, which was based on the yield to the first redemption date, discounted using the yield of a U.S. Treasury plus 50 basis points.

The payout includes a $30.00 consent payment for each $1,000 principal amount of notes tendered before the consent deadline. Notes tendered after the consent deadline will not receive the consent payment.

The company will also pay accrued interest.

The company is soliciting consents to eliminate most of the restrictive covenants and some events of default from the note indenture.

The offer will end at midnight ET on May 18. It began on April 23.

Credit Suisse (collect 212 325-7596) is the dealer manager. D.F. King & Co., Inc. (800 967-7921 or collect 212 269-5550) is the information agent.

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

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.