American Tower Closes New Term Loan
American Tower has completed a round of debt refinancing. The company announced that it has entered into a fresh $1.5 unsecured term loan maturing in January 2019, at a rate of LIBOR plus 1.25%. That facility, combined with the firm's existing cash position, has been used to repay $750 million from an older term loan and $800 million owed under a revolving credit facility. The former was entered into in June 2012, and the latter was a $1 billion arrangement taken in January of that year.
The company said that with the securing of the new facility, its liquidity (cash on hand and borrowing capacity under its revolving credit arrangements) now totals roughly $2.6 billion. American Tower has the option of paying the loan, in part or in full, before maturity without penalty or premium.
American Tower didn't identify the source or sources of the new funding.
The company is scheduled to release its Q3 results tomorrow morning at 8:30 a.m. ET.
The article American Tower Closes New Term Loan originally appeared on Fool.com.
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