Published on 6/10/2019 in the Prospect News Investment Grade Daily.
New Issue: American Tower prices $2.3 billion of senior notes in two tranches
By Cristal Cody
Tupelo, Miss., June 10 – American Tower Corp. priced $2.3 billion of senior notes (Baa3/BBB-/BBB) in two tranches on Monday, according to an FWP filing with the Securities and Exchange Commission.
A $650 million tranche of 2.95% notes due Jan. 15, 2025 priced at 99.188 to yield 3.109%, or a spread of 120 basis points over Treasuries.
The company sold $1.65 billion of 3.8% 10-year notes at 99.599 to yield 3.847%. The 10-year notes priced with a 170 bps over Treasuries spread.
BofA Securities Inc., Citigroup Global Markets Inc., J.P. Morgan Securities LLC, Morgan Stanley & Co. LLC and SMBC Nikko Securities America Inc. were the bookrunners.
Proceeds will be used to repay debt under the company’s 2013 credit facility and its 2014 credit facility and for general corporate purposes.
American Tower is a telecommunications provider based in Boston.
| Issuer: | American Tower Corp.
|
| Amount: | $2.3 billion
|
| Description: | Senior notes
|
| Bookrunners: | BofA Securities Inc., Citigroup Global Markets Inc., J.P. Morgan Securities LLC, Morgan Stanley & Co. LLC and SMBC Nikko Securities America Inc.
|
| Senior co-managers: | Barclays, BBVA Securities Inc., EA Markets Securities LLC, Goldman Sachs & Co. LLC, Mizuho Securities USA LLC, RBC Capital Markets, LLC, Santander Investment Securities Inc., Scotia Capital (USA) Inc., SG Americas Securities, LLC and TD Securities (USA) LLC
|
| Co-managers: | Commerz Markets LLC, Fifth Third Securities, Inc., HSBC Securities (USA) Inc. and ING Financial Markets LLC
|
| Trade date: | June 10
|
| Settlement date: | June 13
|
| Ratings: | Moody’s: Baa3
|
| S&P: BBB-
|
| Fitch: BBB
|
| Distribution: | SEC registered
|
|
|
| 5.5-year notes
|
| Amount: | $650 million
|
| Maturity: | Jan. 15, 2025
|
| Coupon: | 2.95%
|
| Price: | 99.188
|
| Yield: | 3.109%
|
| Spread: | Treasuries plus 120 bps
|
| Call features: | Make-whole call before Dec. 15, 2024 at greater of par and Treasuries plus 20 bps; at par thereafter
|
|
|
| 10-year notes
|
| Amount: | $1.65 billion
|
| Maturity: | Aug. 15, 2029
|
| Coupon: | 3.8%
|
| Price: | 99.599
|
| Yield: | 3.847%
|
| Spread: | Treasuries plus 170 bps
|
| Call features: | Make-whole call before May 15, 2029 at greater of par and Treasuries plus 30 bps; thereafter at par
|
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