By Andrea Heisinger and Marisa Wong
New York, March 6 - American Tower Corp. sold $1.8 billion 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.
The sale was announced on Monday.
The $500 million tranche of 1.551% five-year securities sold at a spread of Treasuries plus 75 basis points. Final maturity is March of 2043.
A $1.3 billion tranche of 3.07% 10-year notes was priced at a spread of 115 bps over Treasuries. Final maturity is in March of 2048.
Pricing was done under Rule 144A and Regulation S.
Bookrunners were 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.
| Issuer: | American Tower Corp.
|
| Guarantors: | Debt of two special purpose subsidiaries
|
| Issue: | Secured tower revenue securities
|
| Amount: | $1.8 billion
|
| Bookrunners: | Barclays, Morgan Stanley & Co. LLC, BofA Merrill Lynch, Credit Suisse Securities (USA) LLC
|
| Distribution: | Rule 144A, Regulation S
|
| Trade date: | March 6
|
| Ratings: | Moody's: Aaa
|
| Fitch: AAA
|
|
|
| Five-year notes
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| Amount: | $500 million
|
| Maturity: | 2018 (expected life), March of 2043 (final maturity)
|
| Coupon: | 1.551%
|
| Spread: | Treasuries plus 75 bps
|
|
|
| 10-year notes
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| Amount: | $1.3 billion
|
| Maturity: | 2023 (expected life), March of 2048 (final maturity)
|
| Coupon: | 3.07%
|
| Spread: | Treasuries plus 115 bps
|
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