JPMorgan and Toronto Dominion hit the market last Wednesday with a $1.3 billion deal for American Tower Corp.'s subsidiary American Tower to refinance $1.1 billion of existing debt with $1.3 billion of new loans. The deal consists of a five-year, $300 million revolver priced at LIBOR plus 22 .5 basis points undrawn and LIBOR plus 75 basis points drawn; a five-year $750 million term loan "A" priced at LIBOR plus 75 basis points drawn; and a one-year, $250 million delayed-draw term loan "A" priced at LIBOR plus 22.5 basis points undrawn and LIBOR plus 75 basis points drawn.
The company is also taking out $1.15 billion worth of loans for its Spectrasite Communications to refinance about $900 million of existing loans. American Tower completed its acquisition of Spectrasite in August. That new deal is expected to consist of a five-year, $250 million revolver; a five-year, $700 million term loan "A" and a five-year, $200 million delayed-draw term loan, according to the rating agency, which rated all three tranches Ba1. Calls to American Tower were not returned.