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Quotes delayed 20 minutes
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Strong Buy (3.50 out of 4)
67th percentile
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 Preferred Stock Offerings
By Preferred Stock Channel Staff, updated Wednesday, September 30, 8:17 PM
Slide #284. 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. is a real estate investment trusts and an independent owner, operator and developer of multitenant communications real estate. Co.'s primary business is the leasing of space on communications sites to wireless service providers, radio and television broadcast companies, wireless data providers, government agencies and municipalities and tenants in a number of other industries. Co. also provides tower-related services, including site acquisition, zoning and permitting and structural analysis, which primarily support Co.'s site leasing business, including the addition of new tenants and equipment on its sites. Preferreds: AMT.PRA, AMT.PRB
 Open the AMT Page at Preferred Stock Channel »
| Name: |
American Tower Corp (New) |
| Website: |
www.americantower.com |
| Sector: |
REITs |
| Number of ETFs Holding AMT: |
108 (see which ones) |
| Total Market Value Held by ETFs: |
$15,764,873,276 |
| Total Market Capitalization: |
$106,456,000,000 |
| % of Market Cap. Held by ETFs: |
14.81% |
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Open the AMT Page at Preferred Stock Channel (in a new window) »
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