Managers of MTN masts, ATC complete $750m term loan

American Tower Corporation (ATC), which runs MTN’s telecoms masts announced June 29, 2012 that it has entered into a loan agreement in connection with its new $750 million unsecured term loan credit facility.

The US-based company said it received net proceeds of approximately $746.4 million from the term loan, and used approximately $632 million to repay certain existing indebtedness under one of the Company’s unsecured revolving credit facilities.

The rest of the loan, ATC indicated, will be used for general corporate purposes.

The company said it now has the capacity to borrow an aggregate of approximately $2 billion under its revolving credit facilities, net of any outstanding letters of credit.

The term loan matures on June 29, 2017 and based on the company’s current debt rating, the current interest rate of the term loan will be LIBOR plus 1.75%, according to ATC.

The term loan does not require amortization of principal and may be paid prior to maturity in whole or in part at American Tower’s option without penalty or premium, it added.

ATC currently owns and operates approximately 47,000 communications sites in the United States, Brazil, Chile, Colombia, Ghana, India, Mexico, Peru and South Africa.

By Ekow Quandzie