New Issue: American Tower taps senior notes due 2019, 2024 to add $750 million

By Aleesia Forni

Virginia Beach, Jan. 7 - American Tower Corp. priced a $750 million two-part add-on to its existing senior notes (Baa3/BBB-/BBB), according to a market source and an FWP filed with the Securities and Exchange Commission.

The company priced a $250 million tap of its 3.4% senior notes due 2019 at 102.94 to yield 2.777%, or Treasuries plus 110 basis points.

There was also a $500 million add-on to the company's 5% notes due 2024.

The notes priced with a spread of Treasuries plus 175 bps, or 102.458 to yield 4.691%.

Proceeds will be used to repay existing debt incurred under its 2012 and 2013 credit facilities, with any remaining proceeds being used for general corporate purposes, including the repayment of other debt.

The joint bookrunners were Barclays, Goldman, Sachs & Co., RBC Capital Markets LLC, RBS Securities Inc. and TD Securities (USA) LLC.

The original $750 million issue of 3.4% notes due Feb. 15, 2019 priced with a spread of Treasuries plus 196 basis points on Aug. 14, 2013.

The $500 million 5% notes due 2024 were sold on the same date at Treasuries plus 230 bps.

The owner and operator of communications towers is based in Boston.

Issuer:	American Tower Corp.
Issue:	Senior notes
Amount:	$750 million
Joint bookrunners:	Barclays, Goldman, Sachs & Co., RBC Capital Markets LLC, RBS Securities Inc., TD Securities (USA) LLC
Senior co-managers:	BBVA Securities Inc., Citigroup Global Markets Inc., J.P. Morgan Securities LLC, Morgan Stanley & Co. LLC, Santander Investment Securities Inc.
Co-managers:	BofA Merrill Lynch, BNP Paribas Securities Corp., Credit Agricole Securities (USA) Inc., Credit Suisse Securities (USA) LLC, EA Markets Securities LLC, HSBC Securities (USA) Inc., Mizuho Securities USA Inc. and SMBC Nikko Securities America, Inc.
Trade date:	Jan. 7
Settlement date:	Jan. 10
Ratings:	Moody's: Baa3
	Standard & Poor's: BBB-
	Fitch: BBB
Notes due 2019
Amount:	$250 million
Description:	Add-on to notes
Maturity:	Feb. 15, 2019
Coupon:	3.4%
Price:	102.94
Yield:	2.777%
Spread:	Treasuries plus 110 bps
Price guidance:	Treasuries plus 125 bps area
Total issue size:	$1 billion, including $750 million priced on Aug. 19, 2013
Notes due 2024
Amount:	$500 million
Maturity:	Feb. 15, 2024
Coupon:	5%
Price:	102.459
Yield:	4.691%
Spread:	Treasuries plus 175 bps
Price guidance:	Treasuries plus 190 bps area
Total issue size:	$1 billion, including $500 million priced on Aug. 19, 2013

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