By Paul A. Harris
St. Louis, Nov. 29 - American Tower Corp. priced an upsized, quick-to-market $200 million add-on to its 7 1/8% senior notes due Oct. 15, 2012 (existing ratings Caa1/CCC) at 101.25 to yield 6.914% on Monday, according to a syndicate source.
The issue generated $202.5 million of proceeds.
Credit Suisse First Boston ran the books for the Rule 144A/Regulation S add-on. The co-managers were Citigroup, JP Morgan, Goldman Sachs & Co., TD Securities, Bear Stearns & Co., BNY Capital Markets, Calyon Securities, Rabobank, RBC Capital Markets, Greenwich Capital Markets and Deutsche Bank Securities.
Proceeds will be used to redeem a portion of the company's 9 3/8% senior notes due 2009.
The add-on was upsized from $150 million.
The original $300 million issue priced at par on Sept. 28.
American Tower is a Boston communications tower company.
| Issuer: | American Tower Corp.
|
| Face amount: | $200 million (increased from $150 million)
|
| Proceeds: | $202.5 million
|
| Security description: | Add-on to its 7 1/8% senior notes
|
| Maturity: | Oct. 15, 2012
|
| Bookrunner: | Credit Suisse First Boston
|
| Coupon: | 7 1/8%
|
| Price: | 101.25
|
| Yield: | 6.914%
|
| Spread: | 276 basis points
|
| Call features: | Callable after Oct. 15, 2008 at 103.563, 101.781, par on and after Oct. 15, 2010
|
| Equity clawback: | Until Oct. 15, 2007 for 35% at 107.125
|
| Pricing date: | Nov. 29
|
| Settlement date: | Dec. 6 with accrued interest
|
| Existing ratings: | Moody's: Caa1
|
| Standard & Poor's: CCC
|
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