Published on 5/10/2016 in the Prospect News Investment Grade Daily.
New Issue: American Tower prices $1 billion 3.375% 10-year senior notes at 173 bps spread
By Cristal Cody
Eureka Springs, Ark., May 10 – American Tower Corp. sold $1 billion of 3.375% 10-year senior notes at 99.004 to yield 3.49% on Tuesday, according to an FWP filing with the Securities and Exchange Commission.
The notes due Oct. 15, 2026 priced at 173 basis points over Treasuries.
Barclays, BBVA Securities Inc., Mizuho Securities USA Inc., RBC Capital Markets, LLC and TD Securities (USA) LLC were the bookrunners.
Proceeds will be used to repay debt under the company’s 2013 credit facility and for general corporate purposes.
American Tower is a telecommunications provider based in Boston.
| Issuer: | American Tower Corp.
|
| Amount: | $1 billion
|
| Maturity: | Oct. 15, 2026
|
| Securities: | Senior notes
|
| Bookrunners: | Barclays, BBVA Securities Inc., Mizuho Securities USA Inc., RBC Capital Markets, LLC, TD Securities (USA) LLC
|
| Senior co-managers: | BNP Paribas Securities Corp., Citigroup Global Markets Inc., EA Markets Securities LLC, Goldman Sachs & Co., J.P. Morgan Securities LLC, BofA Merrill Lynch, Morgan Stanley & Co. LLC, Santander Investment Securities Inc., Scotia Capital (USA) Inc.
|
| Co-managers: | Commerz Markets LLC, Credit Agricole Securities (USA) Inc., Fifth Third Securities, Inc., HSBC Securities (USA) Inc., SG Americas Securities, LLC and SMBC Nikko Securities America, Inc.
|
| Coupon: | 3.375%
|
| Price: | 99.004
|
| Yield: | 3.49%
|
| Spread: | Treasuries plus 173 bps
|
| Call feature: | Make-whole call before July 15, 2026 at Treasuries plus 30 bps; par call on or after July 15, 2026
|
| Pricing date: | May 10
|
| Settlement date: | May 13
|
| Ratings: | Moody’s: Baa3
|
| S&P: BBB-
|
| Fitch: BBB
|
| Distribution: | SEC registered
|
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