American Tower looks to raise $1B for acquisitions

American Tower Corp. (AMT) is planning to raise $1 billion to expand its tower holding portfolio.
The company is planning to pay 4.5% interest on $1 billion worth of senior unsecured notes, according to The Associated Press. American Tower said it will use the money to make acquisitions in South Africa and Latin America. Up to $200 million is pegged for towers owned by South African operator Cell C Ltd. and up to $500 million is projected for acquisitions in Latin America.
The Boston-based company also has a $1.25 billion credit line that could be paid down with money from the notes that will be due in January of 2018.
American Tower counts at least 33,000 tower sites in the United States, Latin America and India.