New Issue: American Tower prices $1.3 billion of five-, 10-year senior notes

By Wendy Van Sickle

Columbus, Ohio, March 4 – American Tower Corp. priced $1.3 billion of fixed-rate senior notes (Baa3/BBB-/BBB+) in two tranches on Monday, according to an FWP filed with the Securities and Exchange Commission.

The company priced $650 million of 5.2% five-year notes at 99.638 to yield 5.285%, or a spread of 107 basis points over Treasuries.

The issuer priced $650 million of 5.45% 10-year notes at 99.285 to yield 5.545%, or a spread over Treasuries of 132 bps.

BofA Securities, Inc., Citigroup Global Markets Inc., J.P. Morgan Securities LLC, Morgan Stanley & Co. LLC and SMBC Nikko Securities America, Inc. are the bookrunners.

Proceeds will be used to repay existing debt under two of the company’s credit facilities signed in 2021 and for general corporate purposes. The company’s 2021 multicurrency credit facility matures on July 1, 2026, includes two optional renewal periods, and currently bears interest at adjusted term SOFR or Euribor plus 112.5 bps. The second facility matures on July 1, 2028, includes two optional renewal periods, and bears interest at a rate equal to adjusted term SOFR plus 112.5 bps.

American Tower is a real estate investment trust and owner, operator and developer of multitenant communications real estate based in Boston.

Issuer:	American Tower Corp.
Amount:	$1.3 billion
Issue:	Senior notes
Bookrunners:	BofA Securities, Inc., Citigroup Global Markets Inc., J.P. Morgan Securities LLC, Morgan Stanley & Co. LLC and SMBC Nikko Securities America, Inc.
Senior co-managers:	Barclays, BBVA Securities Inc., Chatham Financial Securities LLC, Mizuho Securities USA LLC, PNC Capital Markets LLC, RBC Capital Markets, LLC, Santander US Capital Markets LLC, Scotia Capital (USA) Inc., SG Americas Securities, LLC and TD Securities (USA) LLC
Co-managers:	ING Financial Markets LLC, Standard Chartered Bank and Standard Bank of South Africa Ltd.
Trustee:	U.S. Bank Trust Co., NA
Counsel to issuer:	Cleary Gottlieb Steen & Hamilton LLP, Sullivan & Worcester LLP and in-house
Counsel to underwriters:	Gibson, Dunn & Crutcher LLP
Trade date:	March 4
Settlement date:	March 7
Ratings:	Moody’s: Baa3
	S&P: BBB-
	Fitch: BBB+
Distribution:	SEC registered
Five-year notes
Amount:	$650 million
Maturity:	Feb. 15, 2029
Coupon:	5.2%
Price:	99.638
Yield:	5.285%
Spread:	Treasuries plus 107 bps
Call features:	Make-whole call before Jan. 15, 2029 at greater of par and Treasuries plus 20 bps; at par thereafter
Change-of-control put:	At 101
Cusip:	03027XCG3
10-year notes
Amount:	$650 million
Maturity:	Feb. 15, 2034
Coupon:	5.45%
Price:	99.285
Yield:	5.545%
Spread:	Treasuries plus 132 bps
Call features:	Make-whole call before Nov. 15, 2033 at greater of par and Treasuries plus 20 bps; thereafter at par
Change-of-control put:	At 101
Cusip:	03027XCH1

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