American Tower Prices $1.6B Senior Notes

By Philip Seaworth • Thursday, September 10 13:03 • Permanent Link

American Tower priced $1.6 billion of senior unsecured notes across three maturities, adding $500 million of 2031 notes, $500 million of 2033 notes and $600 million of 2036 notes.

The 2031 notes carry a 5.300% coupon and were priced at 99.718% of face value. The 2033 notes carry a 5.560% coupon and were priced at 99.776% of face value. The 2036 notes carry a 5.750% coupon and were priced at 99.497% of face value.

Net proceeds are expected to be $1,579.9 million after underwriting discounts and offering expenses. American Tower said it plans to use the money to repay $600 million of its 1.450% senior notes due 2026, pay down borrowings under its $6.0 billion senior unsecured multicurrency revolving credit facility and for general corporate purposes.

The company’s debt refinancing replaces a 2026 maturity with longer-dated borrowings in 2031, 2033 and 2036. Following these announcements, the company's shares moved -0.75%, and are now trading at a price of $174.11. For the full picture, make sure to review AMERICAN TOWER CORP /MA/'s 8-K report.

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