American Tower Corporation, the U.S. wireless tower operator plans to issue $1.8 billion of securities backed by interests in mortgage loans made to borrowers that are all wholly owned indirect subsidiaries of the issuer.

The issuer leased the tower sites to a variety of users, primarily major wireless telephone carriers. The cash flows from those leases will be used to repay the mortgage loans and ultimately the securities.  The pool has strong diversification by number of towers and geographic location, with 16,765 tenant leases on 5,195 wireless communication sites located in 47 states and Washington, D.C.

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