Analyst Summary
- American Tower Corporation completed a registered public offering of $650.0 million aggregate principal amount of its 4.900% senior unsecured notes due 2030 and $350.0 million aggregate principal amount of its 5.350% senior unsecured notes due 2035.
- The offering resulted in aggregate net proceeds to the Company of approximately $988.9 million, after deducting commissions and estimated expenses.
- The Company intends to use the net proceeds to repay $750.0 million aggregate principal amount of its 2.400% senior unsecured notes due 2025, to repay existing indebtedness under its $6.0 billion senior unsecured multicurrency revolving credit facility, as amended and restated in December 2021, as further amended, and for general corporate purposes.
- The 2030 notes will mature on March 15, 2030 and bear interest at a rate of 4.900% per annum.
- The 2035 notes will mature on March 15, 2035 and bear interest at a rate of 5.350% per annum.
- Accrued and unpaid interest on the Notes will be payable in U.S. Dollars semi-annually in arrears on March 15 and September 15 of each year, beginning on September 15, 2025.
- The Company may redeem the Notes at any time, in whole or in part, at its election at the applicable redemption price.
- If the Company undergoes a Change of Control and Ratings Decline, the Company may be required to repurchase all of the Notes at a purchase price equal to 101% of the principal amount of the Notes, plus accrued and unpaid interest.