American Tower prepares $1.8 billion private sale of five-, 10-year notes for Tuesday pricing

By Andrea Heisinger and Marisa Wong

New York, March 4 - American Tower Corp. is preparing a $1.8 billion offering of secured tower revenue securities, series 2013-1 and series 2013-2, (Aaa//AAA) through indirect subsidiaries, according to a market source and a press release.

Pricing is expected on Tuesday.

The offering includes a $500 million tranche of five-year securities and a $1.3 billion tranche of 10-year notes.

Pricing is being done under Rule 144A and Regulation S.

Bookrunners are Barclays, Morgan Stanley & Co. LLC, BofA Merrill Lynch and Credit Suisse Securities (USA) LLC.

The securities are backed by debt of two special purpose subsidiaries of American Tower and will be secured primarily by mortgages on their interests in 5,195 communications sites, according to the press release.

The issuers plan to use the proceeds to repay all amounts outstanding under their debt backing the series 2007-1 commercial mortgage pass-through certificates and for general corporate purposes.

American Tower is a Boston-based independent owner, operator and developer of wireless and broadcast communications real estate.

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