American Tower Corporation (NYSE: AMT) (the “Company”) today announced that American Tower Depositor Sub, LLC, a special-purpose subsidiary of the Company completed the previously announced private offering of $1,800.0 million aggregate principal amount of Secured Tower Revenue Securities, Series 2013-1 and Series 2013-2 (collectively, the "Securities"). The Securities are backed by the debt of two other special-purpose subsidiaries of the Company and the debt is secured primarily by mortgages on the subsidiaries’ interests in 5,195 communications sites. The Series 2013-1 has a principal balance of $500.0 million, an interest rate of 1.551% and an expected life of approximately five years with a final maturity of March 2043. The Series 2013-2 has a principal balance of $1,300.0 million, an interest rate of 3.070% and an expected life of approximately ten years with a final maturity of March 2048.
The Company’s subsidiaries used a substantial portion of the proceeds (after payment of underwriting commissions and other transaction expenses and funding of certain reserve accounts) of this offering to repay all amounts outstanding under the debt backing the $1,750.0 million Commercial Mortgage Pass-Through Certificates, Series 2007-1, and will use the remainder of the proceeds for general corporate purposes.
This press release is neither an offer to sell nor a solicitation of an offer to buy any of the Securities, solicitation or sale in any jurisdiction in which such offer, solicitation or sale is unlawful. The Securities subject to the proposed offering have not been registered under the Securities Act of 1933, as amended, or any state securities laws, and are being offered only to qualified institutional buyers in reliance on Rule 144A under the Securities Act, to institutional accredited investors and to non-U.S. persons in offshore transactions in reliance on Regulation S under the Securities Act. Unless so registered, the Securities may not be offered or sold in the United States or to U.S. persons except pursuant to an exemption from the registration requirements of the Securities Act and applicable state securities laws.