Monday, March 24, 2008

American Tower erects a $325M loan deal

American Tower Corp., the Boston-based owner and operator of wireless infrastructure facilities, says it has entered into a $325 million incremental term-loan agreement that will be used to help repay an existing credit line.

As a result of the deal, American Tower (NYSE: AMT) will have approximately $650 million outstanding under the credit facility and the capacity to borrow approximately $588.1 million toward new projects, executives said.

American Tower is one of the largest owners of broadcast and wireless communications towers in the country, with more than 22,800 sites in the United States, Mexico and Brazil.

Earlier this month, the company also announced a $1.5 billion stock buyback plan, using a combination of cash on hand, cash from operations, borrowings under its revolving credit line and future financing transactions to fund the program.

Formed in 1995, the company posted $1.4 billion in revenue in 2007, with a net income of $93 million. As of Dec. 31, American Tower employed 1,124 people worldwide.