DJ American Tower (AMT) Says May Be Unable To Make Debt Payments
2001-09-06 14:15 (New York)
WASHINGTON (Dow Jones)--American Tower Corp. (AMT) said its substantial level
of debt increases the possibility that it might not be able to generate enough
cash to make debt payments, the company reported in a Form 8-K filed with the
Securities and Exchange Commission Thursday.
As of June 30, it had $3.6 billion of consolidated debt outstanding.
The company said it might get additional long-term debt and working capital
lines of credit to meet future financing needs.
Separately, American Tower said it expects to have a weighted average cost
per tower of $250,000 for a 25,000-site portfolio by 2005, according to the
8-K.
One possible scenario to accomplish its goal calls for the company to have
11,000 new construction sites, 6,000 carrier acquisitions and 8,000 other
acquisitions at a total cost of roughly $6.3 billion.
American Tower, based in Boston, owns, leases and develops broadcast and
wireless communications sites. |
