By Paul A. Harris
St. Louis, Nov. 29 - American Tower Corp. priced an upsized, quick-to-market $200 million add-on to its 7 1/8% senior notes due Oct. 15, 2012 (existing ratings Caa1/CCC) at 101.25 to yield 6.914% on Monday, according to a syndicate source.
The issue generated $202.5 million of proceeds.
Credit Suisse First Boston ran the books for the Rule 144A/Regulation S add-on. The co-managers were Citigroup, JP Morgan, Goldman Sachs & Co., TD Securities, Bear Stearns & Co., BNY Capital Markets, Calyon Securities, Rabobank, RBC Capital Markets, Greenwich Capital Markets and Deutsche Bank Securities.
Proceeds will be used to redeem a portion of the company's 9 3/8% senior notes due 2009.
The add-on was upsized from $150 million.
The original $300 million issue priced at par on Sept. 28.
American Tower is a Boston communications tower company.
Issuer: | American Tower Corp.
|
Face amount: | $200 million (increased from $150 million)
|
Proceeds: | $202.5 million
|
Security description: | Add-on to its 7 1/8% senior notes
|
Maturity: | Oct. 15, 2012
|
Bookrunner: | Credit Suisse First Boston
|
Coupon: | 7 1/8%
|
Price: | 101.25
|
Yield: | 6.914%
|
Spread: | 276 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: | Nov. 29
|
Settlement date: | Dec. 6 with accrued interest
|
Existing ratings: | Moody's: Caa1
|
| Standard & Poor's: CCC
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.