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Slideshow Preferred Stock Offerings

By Preferred Stock Channel Staff, updated Thursday, March 5, 6:56 PM

Slide #2. American Tower Corporation Preferred Stock Offering

Company: American Tower Corporation (NYSE:AMT)
Date announced: 2/24/2015
Shares Offered: 23,500,000
Date of Pricing: 2/26/2015
Price Per Share: $97.00
Preferred Stock Offering Details: American Tower Corporation (NYSE:AMT) today announced that, in connection with the funding of its transaction with Verizon Communications, Inc., whereby American Tower will lease, acquire or otherwise operate and manage up to 11,489 Verizon wireless communications sites, American Tower intends to offer 23,500,000 shares of its common stock and 12,500,000 depositary shares, each representing a 1/10th interest in a share of American Tower's Mandatory Convertible Preferred Stock, Series B, in concurrent registered public offerings, subject to market and other conditions. These offerings are separate public offerings made by means of separate prospectus supplements and are not contingent on each other or upon consummation of the Verizon transaction. - updated 2/26 - American Tower Corporation (NYSE:AMT) today announced the pricing of its concurrent registered public offerings of 23,500,000 shares of common stock at $97.00 per share and 12,500,000 depositary shares, each representing a 1/10th interest in a share of 5.50% Mandatory Convertible Preferred Stock, Series B, at $100.00 per depositary share. The underwriters of each offering have an option to purchase up to an additional 2,350,000 shares of common stock and an additional 1,250,000 depositary shares, as applicable, to cover over-allotments, if any. The net proceeds of the common stock offering and depositary shares offering are expected to be approximately $2.22 billion and $1.22 billion, respectively (or approximately $2.44 billion and $1.34 billion, respectively, if the underwriters exercise their option to purchase additional shares in full) after deducting underwriting discounts and estimated offering expenses. American Tower expects to use the net proceeds from these offerings, together with cash on hand and borrowings under its revolving credit facilities, to finance the recently announced Verizon transaction and to pay related fees and expenses. If for any reason the Verizon transaction is not completed, American Tower expects to use the net proceeds from these offerings for general corporate purposes, which may include the financing of other pending acquisitions or the repayment of existing indebtedness.

American Tower is a holding company. Through its subsidiaries, Co. leases antenna space on multi-tenant communications sites. Co.'s rental and management operations include the operation of wireless and broadcast communications towers and managed networks, rooftop management, the leasing of property interests and the installation of shared generators. Co. also provides tower-related services, including site acquisition, zoning and permitting services and structural analysis services. As of Dec 31 2013, Co. owned and operated a portfolio of 67,418 communications sites in the U.S., Brazil, Chile, Colombia, Costa Rica, Germany, Ghana, India, Mexico, Panama, Peru, South Africa and Uganda.

Preferred: AMT.PRA


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Name:  American Tower Corp (New)
Website:  www.americantower.com
Sector:  REITs
Number of ETFs Holding AMT:  72 (see which ones)
Total Market Value Held by ETFs:  $1,586,309,882
Total Market Capitalization:  $38,989,000,000
% of Market Cap. Held by ETFs:  4.07%
 

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