By Paul A. Harris
St. Louis, Sept. 28 - American Tower Corp. priced an upsized $300 million issue of eight-year senior notes (existing ratings Caa1/CCC) at par on Tuesday to yield 7 1/8%, according to market sources.
Price talk was 7 1/8% to 7¼%.
Credit Suisse First Boston ran the books for the Rule 144A issue.
The co-managers were Citigroup, JP Morgan, Goldman Sachs & Co., TD Securities, Bear Stearns & Co., BNY Capital Markets, Calyon Securities, Rabobank, RBC Capital Markets, The Royal Bank of Scotland and Deutsche Bank Securities.
Proceeds will be used to redeem a portion of the company's 9 3/8% senior notes due 2009.
The issuer is a Boston communications tower company.
| Issuer: | American Tower Corp.
|
| Amount: | $300 million (increased from $250 million)
|
| Maturity: | Oct. 15, 2012
|
| Security description: | Senior notes
|
| Bookrunner: | Credit Suisse First Boston
|
| Coupon: | 7 1/8%
|
| Price: | Par
|
| Yield: | 7 1/8%
|
| Spread: | 332 basis points
|
| Call features: | Callable after Oct. 15, 2008 at 103.563, 101.781, par on and after Oct. 15, 2010
|
| Equity clawback: | Until Oct. 15, 2007 for 35% at 107.125
|
| Pricing date: | Sept. 28
|
| Settlement date: | Oct. 5
|
| Existing ratings: | Moody's: Caa1
|
| Standard & Poor's: CCC
|
| Price talk: | 7 1/8%-7¼%
|
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