New Issue: American Tower prices $1.5 billion of five-, 10-year senior notes

By Wendy Van Sickle

Columbus, Ohio, Sept. 12 – American Tower Corp. priced $1.5 billion of fixed-rate senior notes (Baa3/BBB-/BBB+) in two tranches on Tuesday, according to an FWP filed with the Securities and Exchange Commission.

The company priced $750 million of 5.8% five-year notes at 99.828 to yield 5.835%, or a spread of 142 basis points over Treasuries.

The issuer priced $750 million of 5.9% 10-year notes at 99.649 to yield 5.944%, or a spread over Treasuries of 167 bps.

Barclays, Mizuho Securities USA LLC, RBC Capital Markets, LLC, SG Americas Securities, LLC and TD Securities (USA) LLC are the bookrunners.

Proceeds will be used to repay existing debt under two of the company’s credit facilities signed in 2021 and for general corporate purposes.

American Tower is a real estate investment trust and owner, operator and developer of multitenant communications real estate based in Boston.

Issuer:	American Tower Corp.
Amount:	$1.5 billion
Issue:	Senior notes
Bookrunners:	Barclays, Mizuho Securities USA LLC, RBC Capital Markets, LLC, SG Americas Securities, LLC and TD Securities (USA) LLC
Senior co-managers:	BBVA Securities Inc., BofA Securities, Inc., Citigroup Global Markets Inc., EA Markets Securities LLC, ING Financial Markets LLC. J.P. Morgan Securities LLC, Morgan Stanley & Co. LLC, PNC Capital Markets LLC, Scotia Capital (USA) Inc., SMBC Nikko Securities America, Inc. and Standard Chartered Bank
Co-manager:	Santander US Capital Markets LLC
Trustee:	U.S. Bank Trust Co., NA
Counsel to issuer:	Cleary Gottlieb Steen & Hamilton LLP, Sullivan & Worcester LLP and in-house
Counsel to underwriters:	Gibson, Dunn & Crutcher LLP
Trade date:	Sept. 12
Settlement date:	Sept. 15
Ratings:	Moody’s: Baa3
	S&P: BBB-
	Fitch: BBB+
Distribution:	SEC registered
Five-year notes
Amount:	$750 million
Maturity:	Nov. 15, 2028
Coupon:	5.8%
Price:	99.828
Yield:	5.835%
Spread:	Treasuries plus 142 bps
Call features:	Make-whole call before Oct. 15, 2028 at greater of par and Treasuries plus 25 bps; at par thereafter
Change-of-control put:	At 101
Cusip:	03027XCE8
10-year notes
Amount:	$750 million
Maturity:	Nov. 15, 2033
Coupon:	5.9%
Price:	99.649
Yield:	5.944%
Spread:	Treasuries plus 167 bps
Call features:	Make-whole call before Aug. 15, 2033 at greater of par and Treasuries plus 25 bps; thereafter at par
Change-of-control put:	At 101
Cusip:	03027XCF5

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