AT&T Sells Towers to Peppertree, Leases Back Capacity
Friday, October 25, 2019 | Comments

AT&T agreed to a sale-leaseback of its remaining domestic company-owned wireless towers to Peppertree Capital Management. Under the terms of the sale, valued at up to $680 million, Peppertree will purchase more than 1,000 AT&T towers, and AT&T will lease back capacity on the towers from Peppertree.

The sale is consistent with AT&T’s plans to monetize non-strategic assets as it continues to pay down debt. Given the company’s confidence in reaching a net debt-to-adjusted earnings before interest, tax, depreciation and amortization (EBITDA) ratio in the 2.5-times range by the end of the year, shareholders should expect that share buybacks will be in the mix in the fourth quarter of 2019, along with continued delevering.

The transaction is subject to certain closing conditions, including due diligence. AT&T expects to close a substantial number of the towers by the end of the year and the remaining in subsequent closings.

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