Shearman Logo

News Mar 03, 2015

Shearman & Sterling Advises on American Tower Corporation’s Concurrent $3.9 Billion Common Stock and Mandatory Convertible Preferred Stock Offerings

Shearman & Sterling represented Goldman, Sachs & Co., Merrill Lynch, Pierce, Fenner & Smith Incorporated, Barclays Capital Inc., Citigroup Global Markets Inc., J.P. Morgan Securities LLC and Morgan Stanley & Co. LLC as joint bookrunning managers with respect to a $2.5 billion common stock offering and Goldman, Sachs & Co., RBC Capital Markets, LLC, Morgan Stanley & Co. LLC, RBS Securities Inc. and TD Securities (USA) LLC as joint bookrunning managers with respect to a $1.4 billion mandatory convertible preferred stock offering by American Tower Corporation. American Tower intends to use the proceeds from the concurrent offerings to acquire rights to approximately 11,324 wireless communications towers and purchase approximately 165 additional towers from Verizon Communications, Inc. for $5.1 billion.

American Tower Corporation is a leading independent owner, operator and developer of wireless and broadcast communications real estate with a portfolio of approximately 75,000 communications sites, including wireless and broadcast towers located in the United States, Brazil, Chile, Colombia, Costa Rica, Germany, Ghana, India, Mexico, Panama, Peru, South Africa and Uganda.

The Shearman & Sterling team included partner Robert Evans (New York-Capital Markets) and associates Christine Kim (New York-Capital Markets), Reed Schuster (New York-Capital Markets), Bob Xiong (New York-Capital Markets) and Robert Giannattasio (New York-Corporate). Other Shearman & Sterling lawyers involved in the transactions were partner John Adams (London-Investment Funds) and associates Laura Mulry (New York-Environmental), Judy Fisher (New York-Tax), Amy Watt (London-Investment Funds) and Jenny Ding (New York-Corporate).