American Tower talks benchmark-size split-rated 10-year notes at Treasuries plus 185 bps area

By Andrea Heisinger

New York, Jan. 3 - American Tower Corp. is set to price a benchmark-size offering of 10-year senior notes (Baa3/BB+/BBB-) in Thursday's session, according to a market source and a filing with the Securities and Exchange Commission.

The crossover notes are being talked in the Treasuries plus 185 basis points area, the source said.

Barclays, J.P. Morgan Securities LLC, RBC Capital Markets LLC and RBS Securities Inc. are bookrunners.

There is a change-of-control put at 101.

Proceeds will be used to refinance some or all of existing debt incurred by the company under a 2011 credit facility and/or a 2012 credit facility that was used to fund recent acquisitions.

The owner and operator of communications towers is based in Boston.

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