Preferred Stock OfferingsBy Preferred Stock Channel Staff, updated Thu, December 2, 6:04 PM
|This Slide: #406 of 573|
Slide #406. American Tower Corporation — Preferred Stock Offering
American Tower Corporation (NYSE:AMT)
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Preferred Stock Offering Details:
American Tower Corporation (NYSE:AMT) (the "Company") today announced that it intends to offer 4,250,000 shares of its Mandatory Convertible Preferred Stock, Series A in a registered public offering, subject to market and other conditions. The Company intends to use the net proceeds from this offering to fund recent acquisitions, including Richland Properties LLC and other related entities ("Richland"), initially funded by indebtedness incurred under its multi-currency $2.0 billion senior unsecured revolving credit facility. The remainder of the proceeds will be used for general corporate purposes. The Company intends to grant the underwriters the option to purchase an additional 637,500 shares of its Mandatory Convertible Preferred Stock.
American Tower is a holding company. Through its subsidiaries, Co. is a real estate investment trusts and an independent owner, operator and developer of multitenant communications real estate. Co.'s primary business is the leasing of space on communications sites to wireless service providers, radio and television broadcast companies, wireless data providers, government agencies and municipalities and tenants in several other industries. Co. also provides tower-related services, including site application, zoning and permitting and structural analysis, which primarily support Co.'s site leasing business, including the addition of new tenants and equipment on its sites.
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Buy (3.29 out of 4)
(ranked lower than approx. 61% of all stocks covered)
Based on data provided by Zacks Investment Research via Quandl.com