By Andrea Heisinger
New York, Oct. 13 - American Tower Corp. sold an upsized $600 million of 4.625% split-rated senior unsecured notes due April 2015 on Tuesday to yield Treasuries plus 240 basis points, an informed source said.
This was an increase from the original size of $400 million.
The deal was run off the high-grade syndicate desk, the source said, although he "couldn't comment just yet" on how the investors were split between the high-yield and high-grade accounts.
The deal was in line with guidance of 240 bps over Treasuries.
The notes (Baa3/BB+/BBB-) were sold at 99.864 to yield 4.654%. They have a make-whole call at Treasuries plus 35 bps.
The notes were priced via Rule 144A and Regulation S.
Bookrunners were Credit Suisse Securities, J.P. Morgan Securities Inc. and Morgan Stanley & Co. Inc.
Proceeds will be used to finance the repurchase or redemption of debt, possibly including 7.125% senior notes due in 2012.
The wireless and broadcast antenna space lessor is based in Boston.
| Issuer: | American Tower Corp.
|
| Issue: | Senior unsecured notes
|
| Amount: | $600 million, increased from $400 million
|
| Maturity: | April 1, 2015
|
| Bookrunners: | Credit Suisse Securities, J.P. Morgan Securities Inc., Morgan Stanley & Co. Inc.
|
| Coupon: | 4.625%
|
| Price: | 99.864
|
| Yield: | 4.654%
|
| Spread: | Treasuries plus 240 bps
|
| Call: | Make-whole at Treasuries plus 35 bps
|
| Distribution: | Rule 144A, Regulation S
|
| Trade date: | Oct. 13
|
| Settlement date: | Oct. 20
|
| Ratings: | Moody's: Baa3
|
| Standard & Poor's: BB+
|
| Fitch: BBB-
|
| Price talk: | Treasuries plus 240 bps
|
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