American Tower Corporation Declares Quarterly Distribution and Calls for Redemption All of Its Outstanding 4.70% Senior Notes

Rhea-AI Summary

American Tower Corporation (NYSE: AMT) has declared a quarterly cash distribution of $1.31 per share, payable on October 15, 2021, to stockholders of record as of September 28, 2021. Additionally, the company announced its plan to redeem all outstanding 4.70% senior unsecured notes due 2022, effective October 18, 2021. This redemption will be funded through borrowings under its credit facilities and cash on hand. American Tower operates over 214,000 communications sites globally.

Positive

• Quarterly cash distribution of $1.31 per share announced.
• Redemption of 4.70% senior unsecured notes enhances financial stability.

Negative

• None.

BOSTON--(BUSINESS WIRE)-- American Tower Corporation (NYSE: AMT) today announced that its board of directors has declared its quarterly cash distribution of $1.31 per share on shares of the Company’s common stock. The distribution is payable on October 15, 2021 to the stockholders of record at the close of business on September 28, 2021.

American Tower Corporation also announced its election to call for redemption all of its outstanding 4.70% senior unsecured notes due 2022. The redemption date has been set for October 18, 2021. In accordance with the redemption provisions of the notes and the Indenture, dated as of May 13, 2010, as supplemented by the Supplemental Indenture No. 5, dated as of March 12, 2012, the notes will be redeemed at a price equal to the principal amount of the notes plus a make-whole premium calculated pursuant to the terms of the indenture, together with accrued and unpaid interest, if any, up to, but excluding, the redemption date. The Company intends to fund the redemption with borrowings under its senior unsecured revolving credit facilities, as amended and restated in February 2021, and cash on hand.

About American Tower

American Tower, one of the largest global REITs, is a leading independent owner, operator and developer of multitenant communications real estate with a portfolio of over 214,000 communications sites. For more information about American Tower, please visit www.americantower.com.

Cautionary Language Regarding Forward-Looking Statements

This press release contains “forward-looking statements” concerning the Company’s goals, beliefs, expectations, strategies, objectives, plans, future operating results and underlying assumptions and other statements that are not necessarily based on historical facts. Actual results may differ materially from those indicated in the Company’s forward-looking statements as a result of various factors, including those factors set forth in Item 1A of its Form 10-K for the year ended December 31, 2020 under the caption “Risk Factors.” The Company undertakes no obligation to update the information contained in this press release to reflect subsequently occurring events or circumstances.

View source version on businesswire.com: https://www.businesswire.com/news/home/20210916005839/en/

Igor Khislavsky

Vice President, Investor Relations

Telephone: (617) 375-7500

Source: American Tower Corporation

FAQ

What is the cash distribution announced by AMT?

American Tower Corporation declared a cash distribution of $1.31 per share.

When is the cash distribution payable?

The cash distribution is payable on October 15, 2021.

What is the redemption date for AMT's 4.70% senior unsecured notes?

The redemption date is set for October 18, 2021.

How will the redemption of notes be funded?

The redemption will be funded through borrowings under credit facilities and cash on hand.