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Exhibit 99.1
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[AMERICAN TOWER LOGO APPEARS HERE]
ATC CONTACT: ANNE ALTER
Director of Investor Relations
Telephone: (617) 375-7500
FOR IMMEDIATE RELEASE
AMERICAN TOWER CORPORATION ANNOUNCES PLANNED PRIVATE PLACEMENT OF NOTES
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Boston, Massachusetts January 17, 2001 - American Tower Corporation (NYSE:
AMT) today announced that it is seeking to raise approximately $350.0 million
through an institutional private placement of senior notes. Completion of the
offering is expected later this month, subject to market conditions. The
proceeds of the anticipated offering would be used, together with bank
borrowings, to finance the construction of towers, to fund acquisitions and for
general corporate purposes.
This announcement is neither an offer to sell nor a solicitation of an offer to
buy any of the notes.
The notes have not been registered under the Securities Act of 1933, as amended,
or any state securities laws, and are being offered only to qualified
institutional buyers in reliance on Rule 144A under the Securities Act. Unless
so registered, the notes may not be offered or sold in the United States except
pursuant to an exemption from the registration requirements of the Securities
Act and applicable state securities laws.
# # #
This press release contains forward-looking statements regarding our ability to
complete this private placement and to effectively use the proceeds. These
forward-looking statements involve a number of risks and uncertainties. Among
the important factors that could cause actual results to differ materially from
those indicated in such forward-looking statements include uncertainties
relating to (i) market conditions for corporate high-yield securities in
general and our notes in particular, (ii) our substantial capital requirements
and leverage due principally to our ongoing acquisitions and construction, (iii)
our dependence on the following: wireless communications demand, use of
satellites for Internet data transmission, and implementation of digital
television, (iv) the success of our tower construction program, (v) our ability
to locate attractive acquisition targets, acquire them on terms we feel are
reasonable, and successfully integrate our acquisitions, and (vi) the
governmental, expropriation, currency and fund repatriation risks inherent in
our growing foreign operations. In addition, please also refer to the "Risk
Factors" section of our registration statement on Form S-3 filed with the SEC on
August 31, 2000 for other important factors that may cause actual results to
differ materially from those expressed in our forward-looking statements. We
undertake no obligation to update the forward-looking statements contained in
this press release, to reflect subsequently occurring events or circumstances
