By Aleesia Forni
Virginia Beach, May 20 – American Tower Corp. sold $875 million of secured revenue notes (Aaa//AAA) on Wednesday in tranches due 2020 and 2025, according to a market source.
There was $350 million of 2.35% five-year notes priced with a spread of Treasuries plus 80 basis points.
The notes sold in line with talk set in the Treasuries plus 80 bps area, which had firmed from initial guidance set in the Treasuries plus 85 bps area.
A $525 million tranche of 3.482% 10-year notes sold at 125 bps over Treasuries.
The notes sold in line with the Treasuries plus 125 bps area guidance. Initial talk was set at Treasuries plus 120 bps to 125 bps.
Barclays, BofA Merrill Lynch, Citigroup Global Markets Inc., Morgan Stanley & Co. LLC and RBC Capital Markets LLC were the bookrunners for the Rule 144A and Regulation S deal.
The owner and operator of communications towers is based in Boston.
| Issuer: | American Tower Corp.
|
| Issue: | Secured revenue notes
|
| Amount: | $875 million
|
| Bookrunners: | Barclays, BofA Merrill Lynch, Citigroup Global Markets Inc., Morgan Stanley & Co. LLC, RBC Capital Markets LLC
|
| Trade date: | May 20
|
| Settlement date: | May 29
|
| Ratings: | Moody’s: Aaa
|
| Fitch: AAA
|
| Distribution: | Rule 144A, Regulation S
|
|
|
| Five-year notes
|
| Amount: | $350 million
|
| Maturity: | June 15, 2020
|
| Coupon: | 2.35%
|
| Spread: | Treasuries plus 80 bps
|
| Price guidance: | Treasuries plus 80 bps area, tightened from 85 bps area
|
|
|
| 10-year notes
|
| Amount: | $525 million
|
| Maturity: | June 16, 2025
|
| Coupon: | 3.482%
|
| Spread: | Treasuries plus 125 bps
|
| Price guidance: | Treasuries plus 125 bps area, adjusted from 120 bps to 125 bps
|
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