American Tower Corporation (NYSE: AMT) Tuesday announced the pricing of its registered public offering of senior unsecured notes due 2023 and 2028, in aggregate principal amounts of $700 million and $700 million, respectively. The 2023 notes will have an interest rate of 3 percent per annum and are being issued at a price equal to 99.742 percent of their face value. The 2028 notes will have an interest rate of 3.6 percent per annum and are being issued at a price equal to 99.476 percent of their face value.
The net proceeds of the offering are expected to be approximately $1.38 billion, “after deducting underwriting discounts and estimated offering expenses,” states American Tower in its announcement. The company intends to use the net proceeds to repay debt, including its senior unsecured revolving credit facilities.
BofA Merrill Lynch, Citigroup, J.P. Morgan, Morgan Stanley and Scotiabank are acting as Joint Book-Running Managers for the offering.
December 7, 2017
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