Published on 6/27/2017 in the Prospect News Investment Grade Daily.
New Issue: American Tower prices $750 million 3.55% 10-year notes with 137.5 bps spread
By Cristal Cody
Tupelo, Miss., June 27 – American Tower Corp. priced $750 million of 3.55% 10-year senior notes (Baa3/BBB-/BBB) on Tuesday at 99.773 to yield 3.577%, according to a market source and an FWP filing with the Securities and Exchange Commission.
The notes priced with a spread of Treasuries plus 137.5 basis points, on the tight side of talk that had been fixed in the Treasuries plus 140 bps area, plus or minus 2.5 bps.
Barclays, Mizuho Securities USA Inc., RBC Capital Markets, LLC, Santander Investment Securities Inc. and TD Securities (USA) LLC were the bookrunners.
Proceeds will be used to repay borrowings under the company’s 2013 senior revolving credit facility.
American Tower is a telecommunications provider based in Boston.
| Issuer: | American Tower Corp.
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| Amount: | $750 million
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| Description: | Senior notes
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| Maturity: | July 15, 2027
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| Bookrunners: | Barclays, Mizuho Securities USA Inc., RBC Capital Markets, LLC, Santander Investment Securities Inc. and TD Securities (USA) LLC
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| Senior co-managers: | BBVA Securities Inc., Citigroup Global Markets Inc., Commerz Markets LLC, EA Markets Securities LLC, J.P. Morgan Securities LLC, BofA Merrill Lynch, Morgan Stanley & Co. LLC, Scotia Capital (USA) Inc., SG Americas Securities, LLC and SMBC Nikko Securities America, Inc.
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| Co-managers: | Fifth Third Securities, Inc., Goldman Sachs & Co. LLC and HSBC Securities (USA) Inc.
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| Coupon: | 3.55%
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| Price: | 99.773
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| Yield: | 3.577%
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| Spread: | Treasuries plus 137.5 bps
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| Call features: | Make-whole call until April 15, 2027 at greater of par and Treasuries plus 25 bps, thereafter at par
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| Trade date: | June 27
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| Settlement date: | June 30
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| Ratings: | Moody’s: Baa3
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| S&P: BBB-
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| Fitch: BBB
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| Distribution: | SEC registered
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| Price talk: | Treasuries plus 140 bps area, plus or minus 2.5 bps
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