Fitch rates American Tower notes BBB+

Fitch Ratings said it rated American Tower Corp.’s planned senior notes offering BBB+. Prospect News reported the company plans to sell fixed-rate senior notes in two tranches due March 15, 2027 and March 15, 2032.

“AMT's long-term issuer default rating (IDR) and the ratings of its senior unsecured debt are on rating watch negative due to the uncertainty regarding the permanent financing for the acquisition of CoreSite Realty Corp., particularly in terms of the sizing and execution of the equity financing component. The company plans to issue equity to repay a portion of the debt incurred to complete the acquisition in December 2021,” Fitch said in a press release.

The proceeds will be used to repay indebtedness under the 2021 credit facility, the 2021 multicurrency credit facility, the 2021 U.S. dollar 364-day delayed draw term loan and for general corporate purposes. The company had drawn $600 million in January under the 2021 facility to repay in full its $600 million of 2.25% notes due 2022.

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