Troubled Mexican telecom Axtel said on Thursday it has agreed to sell 883 transmission towers to a unit of American Tower Corp for about $250 million in a deal that depends on the closing of a debt exchange offer by the end of the month. Axtel, which provides broadband and home-phone line services, has struggled to compete with bigger market players, including leader America Movil , owned by tycoon Carlos Slim.Last month, the company put an offer to creditors to exchange $765 million in senior notes due 2017 and 2019 for $365 million in new notes due 2020, $26 million in convertible notes due 2020 -- convertible into 10 percent of Axtel's equity -- and a $114.8 million cash payment.The offering, whose terms implied a substantial haircut for creditors, was widely rejected and Axtel later sweetened the deal in an effort to gather more support from debt holders.Axtel shares gained 1.46 percent to close at 3.48 pesos on Thursday.
American Tower Corporation is a holding company. The Company conducts its operations through its directly and indirectly owned subsidiaries and joint ventures. Shares of AMT traded higher by 0.84% or $0.66/share to $79.63. In the past year, the shares have traded as low as $61.27 and as high as $79.98. On average, 2049670 shares of AMT exchange hands on a given day and today's volume is recorded at 2309983.
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