BOSTON-American Tower Corp. announced its operating subsidiaries have refinanced their previous credit facility with a new $1.1 billion senior secured credit facility.
The new credit facility consists of a $400 million revolving credit facility, a $300 million term A loan and a $400 million term B loan. The maturity date on a majority of the borrowings has been extended from 2007 to 2011.
Upon closing, American Tower received $685 million in net proceeds, $670 million of which were used to repay principal and interest on outstanding borrowings of the previous credit facility. The company plans to use the rest for general corporate purposes, including refinancing other debt.
Shares of American Tower were trading up at $13.80 following the news.
