Preferred Stock Offerings
By Preferred Stock Channel Staff, updated Fri, April 26, 3:08 PM
This Slide: #453 of 620 |
Slide #453. American Tower Corporation — Preferred Stock Offering
Company:
American Tower Corporation (NYSE:AMT)
Date announced:
5/5/2014
Shares Offered:
4,250,000
Date of Pricing:
5/7/2014
Price Per Share:
$25.00
Closed Date:
5/12/2014
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 trust and an independent owner, operator and developer of multitenant communications real estate. Co.'s 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 a number of other industries. Co. also provides tower-related services in the U.S. These services include 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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Strong Buy (3.56 out of 4) 64th percentile
(ranked higher than approx. 64% of all stocks covered)
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