American Tower offers add-on to notes due 2051, two new tranches

By Devika Patel

Knoxville, Tenn., Sept. 23 – American Tower Corp. intends to offer fixed-rate notes in three tranches, including an add-on to its 2.95% senior notes due Jan. 15, 2051 (Baa3/BBB-/BBB+), according to a 424B5 filing with the Securities and Exchange Commission.

The company sold $550 million of the 2.95% notes at 98.93 to yield 3.004% in a sale that priced on Nov. 17, 2020 and settled on Nov. 20, 2020. The issue sold with a spread of 137.5 basis points over Treasuries.

The new notes, due 2026 and 2031, have a make-whole call until Aug. 15, 2026 and June 15, 2031, respectively, followed by a par call. The 2.95% notes have a make-whole call at Treasuries plus 25 bps before July 15, 2050 and then a par call.

Barclays, BBVA Securities Inc., Mizuho Securities USA Inc., RBC Capital Markets LLC and TD Securities (USA) LLC are the bookrunners.

Proceeds will be used to repay debt under the company’s 2019 term loan and for general corporate purposes.

American Tower is a telecommunications provider based in Boston.

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