Published on 3/12/2019 in the Prospect News Investment Grade Daily.
New Issue: American Tower prices $1.25 billion of senior notes due 2024, 2029
By Cristal Cody
Tupelo, Miss., March 12 – American Tower Corp. priced $1.25 billion of senior notes (Baa3/BBB-/BBB) in two tranches on Tuesday, according to an FWP filing with the Securities and Exchange Commission.
The $650 million tranche of 3.375% notes due May 15, 2024 priced at 99.703 to yield 3.437%, or a spread of 103 basis points over Treasuries.
American Tower sold $600 million of 3.95% 10-year notes at 98.917 to yield 4.083%. The 10-year notes priced with a 148 bps over Treasuries spread.
Barclays, Mizuho Securities (USA) LLC, RBC Capital Markets, LLC, SG Americas Securities, LLC and TD Securities (USA) LLC were the bookrunners.
Proceeds will be used to repay debt under the company’s 2013 credit facility and its 2014 credit facility.
American Tower is a telecommunications provider based in Boston.
| Issuer: | American Tower Corp.
|
| Amount: | $1.25 billion
|
| Description: | Senior notes
|
| Bookrunners: | Barclays, Mizuho Securities (USA) LLC, RBC Capital Markets, LLC, SG Americas Securities, LLC and TD Securities (USA) LLC
|
| Senior co-managers: | BBVA Securities Inc., Citigroup Global Markets Inc., EA Markets Securities LLC, Goldman Sachs & Co. LLC, J.P. Morgan Securities LLC, BofA Merrill Lynch, Morgan Stanley & Co. LLC, Santander Investment Securities Inc., Scotia Capital (USA) Inc. and SMBC Nikko Securities America, Inc.
|
| Co-managers: | Commerz Markets LLC, Fifth Third Securities, Inc., HSBC Securities (USA) Inc. and ING Financial Markets LLC
|
| Trade date: | March 12
|
| Settlement date: | March 15
|
| Ratings: | Moody’s: Baa3
|
| S&P: BBB-
|
| Fitch: BBB
|
| Distribution: | SEC registered
|
|
|
| Five-year notes
|
| Amount: | $650 million
|
| Maturity: | May 15, 2024
|
| Coupon: | 3.375%
|
| Price: | 99.703
|
| Yield: | 3.437%
|
| Spread: | Treasuries plus 103 bps
|
| Call features: | Make-whole call before April 15, 2024 at greater of par and Treasuries plus 20 bps; at par thereafter
|
| Change-of-control put: | 101%
|
|
|
| 10-year notes
|
| Amount: | $600 million
|
| Maturity: | March 15, 2029
|
| Coupon: | 3.95%
|
| Price: | 98.917
|
| Yield: | 4.083%
|
| Spread: | Treasuries plus 148 bps
|
| Call features: | Make-whole call before Dec. 15, 2028 at greater of par and Treasuries plus 25 bps; thereafter at par
|
| Change-of-control put: | 101%
|
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