BOSTON-American Tower Corp., Boston, has obtained amended credit facilities, arranged by four financial institutions, that will permit it to take out revolving loans of up to $2 billion.
“The new facilities will be used in part to provide financing for previously announced transactions scheduled to close in the first and second quarters of 2000 [and] for capital expenditures related to [our] ongoing construction plan,” the company said.
Taking into account pending transactions, American Tower operates about 9,800 wireless communications transceiver and 300 broadcast communications sites. It owns or leases approximately 9,000 of the total.
TD Securities USA Inc., Chase Securities Inc., BNY Capital Markets and Credit Suisse First Boston arranged the new credit facilities. Immediately upon closing the financing, American Tower said it repaid all outstanding loans under its old credit facilities and borrowed $500 million under the new loan.
