Subsequent Events Subsequent Events

3 Months Ended

Mar. 31, 2016

Subsequent Events [Abstract]

Subsequent Events [Text Block]

Subsequent Events

TDC Acquisition

In April 2016, the Company acquired Tower Development Corporation ("TDC"), a portfolio of approximately 330 towers, for approximately $461 million in cash ("TDC Acquisition"). The Company funded the acquisition with cash on hand, cash from borrowings under the 2016 Revolver, and cash from equity issuances under the ATM Program (see note 9).

May 2016 Refinancing Activities

On May 6, 2016, the Company issued 3.4% Senior Notes due February 2021 and 3.7% Senior Notes due June 2026, in aggregate principal amounts of $250 million and $750 million, respectively. The Senior Notes due 2021 will have an interest rate of 3.4% per annum, with interest payments due semi-annually on February 15 and August 15. The Senior Notes due 2026 will have an interest rate of 3.7% per annum, with interest payments due semi-annually on June 15 and December 15.

The net proceeds from the offering were approximately $1.0 billion, after deducting underwriting discounts and commissions and other fees. The Company intends to use net proceeds from the offering to repay in full the Tower Revenue Notes, Series 2010-2 and Series 2010-5, each issued by certain of its subsidiaries, and to repay a portion of the outstanding borrowings under the 2016 Revolver (collectively, "May 2016 Refinancing Activities").