Breaking News

Swiss National Bank Introduces Negative Interest Rate of -0.25%
Tweet TWEET

American Tower Corporation Completes Acquisition of Global Tower Partners

  American Tower Corporation Completes Acquisition of Global Tower Partners

Business Wire

BOSTON -- October 1, 2013

American Tower Corporation (NYSE: AMT) today announced that it has completed
its previously announced acquisition of 100% of the outstanding common
membership interests of MIP Tower Holdings LLC, a private real estate
investment trust, which is the parent company of Global Tower Partners
(“GTP”), an owner and operator of communications real estate, and related
companies. GTP was majority owned by Macquarie Infrastructure Partners
together with minority partners including Dutch pension fund manager PGGM and
management.

As consideration for the acquisition, American Tower assumed approximately
$1.5 billion of existing GTP debt and paid approximately $3.3 billion in cash.
American Tower used approximately $2.8 billion of borrowings under its
existing revolving credit facilities and approximately $0.5 billion of cash on
hand to satisfy the cash portion of the purchase price. At closing, a portion
of the cash consideration was placed in escrow for payment of potential
indemnification obligations and purchase price adjustments. Following the
closing, American Tower had total liquidity of $1.9 billion, which included
cash on hand and remaining capacity under its existing revolving credit
facilities.

About American Tower

American Tower is a leading independent owner, operator and developer of
wireless and broadcast communications real estate. American Tower currently
owns and operates over 61,000 communications sites in the United States,
Brazil, Chile, Colombia, Costa Rica, Germany, Ghana, India, Mexico, Panama,
Peru, South Africa and Uganda. For more information about American Tower,
please visit www.americantower.com.

Cautionary Language Regarding Forward-Looking Statements

This press release contains statements about future events and expectations,
or “forward-looking statements,” all of which are inherently uncertain. We
have based those forward looking statements on management’s current
expectations and assumptions and not on historical facts. Examples of these
statements include, but are not limited to,statements regarding use of funds
held in escrow for potential indemnification or purchase price adjustments.
These forward-looking statements involve a number of risks and uncertainties.
Among the important factors that could cause actual results to differ
materially from those indicated in such forward-looking statements include
market conditions for corporate debt generally, for the securities of
telecommunications companies and for our indebtedness in particular. For other
important factors that may cause actual results to differ materially from
those indicated in our forward-looking statements, we refer you to the
information contained in Item1A of our Form 10-Q for the quarter ended June
30, 2013 under the caption “Risk Factors” and in other filings we make with
the Securities and Exchange Commission. We undertake no obligation to update
the information contained in this press release to reflect subsequently
occurring events or circumstances.

Contact:

American Tower Corporation
Leah Stearns, 617-375-7500
Vice President, Investor Relations & Capital Markets
 
Press spacebar to pause and continue. Press esc to stop.