By Paul A. Harris
St. Louis, May 27 - American Tower Corp. priced a $300 million issue of 7¼% 10-year senior notes (Ba1/BB+/) at 98.279 to yield 7½% on Wednesday, according to market sources.
The yield was printed at the tight end of the7½% to 7¾% yield talk. The issue price came within price talk specifying 2 points of original issue discount.
Credit Suisse and J.P. Morgan Securities Inc. were joint bookrunners for the quick-to-market offering.
Proceeds will be used to finance the repurchase of the company's 7½% senior notes due 2012 through a tender offer and to redeem any notes not tendered, to repay $50 million outstanding under the company's revolving credit facility and for general corporate purposes.
American Tower is based in Boston.
| Issuer: | American Tower Corp.
|
| Face amount: | $300 million
|
| Proceeds: | $294.837 million
|
| Maturity: | May 15, 2019
|
| Security description: | Senior notes
|
| Bookrunners: | Credit Suisse, J.P. Morgan Securities Inc.
|
| Coupon: | 7¼%
|
| Price: | 98.279
|
| Yield: | 7½%
|
| Call protection: | Make-whole at Treasuries plus 50 bps
|
| Trade date: | May 27
|
| Settlement date: | June 10
|
| Ratings: | Moody's: Ba1
|
| Standard & Poor's: BB+
|
| Distribution: | Rule 144A
|
| Price talk: | 7½% to 7¾% with 2 points of OID
|
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