New Issue: American Towers upsizes eight-year notes to $400 million, yield 7¼%

By Paul A. Harris

St. Louis, Nov. 3 - American Towers Inc. priced an upsized offering of $400 million senior subordinated notes due Dec. 1, 2011 at par Monday to yield 7¼%, according to a syndicate source.

The deal was increased from a planned size of $350 million. Price talk was 7¼%-7½%.

Credit Suisse First Boston ran the books on the Rule 144A deal. The co-managers were JP Morgan, Goldman Sachs & Co., Bear Stearns & Co., Citigroup, TD Securities, BNY Capital Markets, RBC Capital Markets, Scotia Capital and Credit Lyonnais.

American Tower will use proceeds to repay debt under its credit facility.

American Towers Inc. is a subsidiary of Boston-based American Tower Corp.

Issuer:	American Towers Inc.
Amount:	$400 million
Maturity:	Dec. 1, 2011
Security description:	Senior subordinated notes
Bookrunner:	Credit Suisse First Boston
Co-managers:	JP Morgan, Goldman Sachs, Bear Stearns, Citigroup, TD Securities, BNY Capital Markets, RBC Capital Markets, Scotia Capital, Credit Lyonnais
Coupon:	7¼%
Price:	Par
Yield:	7¼%
Spread:	321 basis points
Call features:	Callable after Dec. 1 2007 at 103.625, then 101.813, declining to par on Dec. 1, 2009 and thereafter
Equity clawback:	Until Dec. 1, 2006 at 107.25 for up to 35%
Settlement date:	Nov. 18, 2003 (T+10)
Ratings:	To be determined
Rule 144A Cusip:	03027MAA2
Price talk:	7¼%-7½%

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