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American Tower (AMT) Upsizes Public Offering Of Common Stock; Shares Fall

Thursday, May 06, 2021 01:37 PM | Michael Hayne

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American Tower (AMT) Upsizes Public Offering Of Common Stock; Shares Fall

What's Happening With American Tower Corporation?

American Tower Corporation (AMT) announced the pricing of its registered public offering of 9,000,000 shares of common stock at $244.75 per share, an increase from its previous offering of 8,500,000 shares. Shares of the company were trading lower -1.17% to $245.62 a share on Thursday.

The underwriters of the offering will be granted the option to purchase up to an additional 900,000 shares of common stock to cover over-allotments if any. The net proceeds of the offering are expected to be roughly $2.15 billion after deducting underwriting discounts and estimated offering expenses.

What Does This Mean For American Tower Corporation?

American Tower plans on using the net proceeds from the offering to finance the recently announced Telxius transaction and to pay related fees and expenses. Bank of America Securities is acting as lead book-running manager for the offering.

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 approximately 181,000 communications sites.

Overall Score - 50

AMT has an Overall Score of 50. Find out what this means to you and get the rest of the rankings on AMT!

American Tower owns and operates more than 180,000 cell towers throughout the U.S., Asia, Latin America, Europe, and the Middle East. It leases space on its towers to wireless service providers, which install equipment on the towers to support their wireless networks. The company has a very concentrated customer base, with most revenue in each market being generated by just the top few mobile carriers. The company operates more than 40,000 towers in the U.S., which accounted for more than half of its total revenue in 2020. Outside the U.S., American Tower's greatest presence is in India and Brazil, where it operates roughly 75,000 and 19,000 towers, respectively. American Tower operates as a real estate investment trust.

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