American Towers Inc.'s $400 Million Senior Subordinated Notes Rated 'CCC' Nov 03

  • ID: 2086427
  • November 2003
  • Region: United States
  • Standard & Poors
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NEW YORK (Standard & Poor's) Nov. 6, 2003--Standard & Poor's Ratings Services assigned its 'CCC' rating to the proposed $400 million 7.25% senior subordinated notes due 2011 to be issued by American Towers Inc., a wholly owned subsidiary of Boston, Mass.-based wireless tower operator American Tower Corp., issued under Rule 144A with full registration rights. Proceeds from the proposed notes issuance will be used to refinance bank debt. Simultaneously, Standard & Poor's affirmed its outstanding ratings on American Tower, including its 'B-' corporate credit rating. The outlook remains stable. Pro forma for this transaction, total debt was about $3.5 billion at Sept. 30, 2003. "The rating reflects American Tower's high leverage and limited interest coverage measures resulting from its aggressive,...

Companies mentioned in this report are: American Tower Corp.
Action: Affirmed

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Research type: News
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American Tower Corp.

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