American Tower announced finance changes |
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Tue, 20 Feb 2007 19:58
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NEW YORK (AP) - American Tower Corp. said Tuesday it signed on to two new credit facilities worth a combined $550 million and drew down $250 million of its existing credit facility.The company secured a $300 million revolving loan under the American Tower credit facility. The borrowers include American Tower L.P., American Towers Inc., American Tower International Inc. and American Tower LLC.Also American Tower secured a $250 million revolving loan under the SpectraSite credit facility. The borrower under the SpectraSite Credit Facility is SpectraSite Communications, Inc.The lenders involved in both loans include JPMorgan Chase Bank, N.A., Toronto Dominion (Texas) LLC, Credit Suisse, Cayman Island Branch and Morgan Stanley Senior Funding Inc. Both loans mature in 2010.American Tower also drew down $250 million of its existing revolving loans under the American Tower credit facility to fund the repurchase of 5 percent Convertible Notes.The board of directors also approved a stock buyback program for up to $1.5 billion in common stock through February of 2008.Shares of American Tower rose 63 cents to $40.95 on the New York Stock Exchange in afternoon trading.Copyright 2006 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
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American Tower gets Fitch upgrades 