American Tower offers common, depository stock
American Tower Corp. announced Thursday that it is raising over $3 billion in a stock offering that will help finance fulfilling a contract with Verizon.
American Tower Corp. (NYSE symbol AMT), headquartered in Boston, has offices in Southborough, Marlborough and Auburn. It will offer common stock at $97.00 per share; and Mandatory Convertible Preferred Stock, Series B, at $100.00 per depositary share. There are 23,500,000 shares of common stock being offered; and 12,500,000 depositary shares, each of which represents a one-tenth interest in of a share of 5.50 percent Mandatory Convertible Preferred Stock.
American Tower said it expects to use the net proceeds from the stock offerings, together with cash on hand and borrowings under its revolving credit facilities, to finance its recently announced Verizon transaction and to pay related fees and expenses. The company said earlier this week that it will operate and manage more than 11,000 Verizon wireless communications sites.
The underwriters of each offering have an option to purchase up to an additional 2,350,000 shares of common stock and an additional 1,250,000 depositary shares, as applicable, to cover any over-allotments.
The net proceeds of the common stock offering and depositary shares offering are expected to be approximately $2.22 billion and $1.22 billion, respectively (or approximately $2.44 billion and $1.34 billion, respectively, if the underwriters exercise their option to purchase additional shares in full), the company said in a statement.
American Tower is an independent owner, operator and developer of communications real estate with a global portfolio of over 75,000 communications sites.
WBJ Web Partners
Most Recent
Most Recent
0 Comments