American Tower in $1.75 Billion Offering

May 4, 2007

Cleary Gottlieb represented communications tower-leasing company American Tower Corporation in its $1.75 billion commercial mortgage-backed securities offering. The certificates are backed by the debt of two American Tower subsidiaries, which is primarily secured by mortgages on the subsidiaries' respective interests in over 5,000 wireless and broadcast communication towers and tower sites. The offering priced on April 27 and closed May 4.

American Tower is using the proceeds of the securitization in part to repay its indebtedness under a senior secured credit facility, and to repurchase outstanding 7.25% senior subordinated notes due 2011 under its related tender offer. Cleary Gottlieb represented American Tower in both transactions.