American Tower prices $1.6B senior notes offering across three maturities

American Tower Corporation (NYSE: AMT) priced a registered public offering of senior unsecured notes totaling $1.6 billion across three tranches, according to a press release.

The offering includes $500 million of notes due 2031 at an interest rate of 5.300% per annum, priced at 99.718% of face value; $500 million of notes due 2033 at 5.560% per annum, priced at 99.776% of face value; and $600 million of notes due 2036 at 5.750% per annum, priced at 99.497% of face value.

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

J.P. Morgan Securities LLC, BofA Securities, Citigroup Global Markets, Morgan Stanley & Co., and Scotia Capital (USA) are acting as joint book-running managers for the offering.

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