American Tower Corporation Prices Senior Notes Offering

BY Business Wire | CORPORATE | 09/23/21 05:10 PM EDT

BOSTON--(BUSINESS WIRE)-- American Tower Corporation today announced the pricing of its registered public offering of senior unsecured notes due 2026, 2031 and 2051 in aggregate principal amounts of $600.0 million, $700.0 million and $500.0 million, respectively. The 2026 notes will have an interest rate of 1.450% per annum and are being issued at a price equal to 99.481% of their face value. The 2031 notes will have an interest rate of 2.300% per annum and are being issued at a price equal to 99.444% of their face value. The 2051 notes will be consolidated, form a single series and be fully fungible, with the Company's outstanding $550,000,000 2.950% senior unsecured notes due 2051 issued on November 20, 2020 and are being issued at a price equal to 97.670% of their face value.

The net proceeds of the offering are expected to be approximately $1,765.1 million, after deducting underwriting discounts and estimated offering expenses. American Tower intends to use the net proceeds to repay existing indebtedness under its $1.0 billion unsecured term loan, as amended and restated in December 2019 and as further amended, and for general corporate purposes.

Barclays, BBVA, Mizuho Securities, RBC Capital Markets and TD Securities are acting as Joint Book-Running Managers for the offering.

This press release shall not constitute an offer to sell or a solicitation to buy any securities, nor shall there be any sale of these securities in any state or jurisdiction in which such an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction. The offering was made only by means of a prospectus and related prospectus supplement, which may be obtained by visiting the Securities and Exchange Commission?s website at Alternatively, you may request these documents by calling Barclays Capital Inc. at 1-888-603-5847, BBVA Securities Inc. at 1-800-422-8692, Mizuho Securities USA LLC at 1-866-271-7403, RBC Capital Markets, LLC at 1-866-375-6829 and TD Securities (USA) LLC at 1-855-495-9846.

About American Tower

American Tower, one of the largest global REITs, is a leading independent owner, operator and developer of multitenant communications real estate with a portfolio of over 214,000 communications sites. For more information about American Tower, please visit

Cautionary Language Regarding Forward-Looking Statements

This press release contains ?forward-looking statements? concerning the Company?s goals, beliefs, expectations, strategies, objectives, plans, future operating results and underlying assumptions and other statements that are not necessarily based on historical facts. Actual results may differ materially from those indicated in the Company?s forward-looking statements as a result of various factors, including those factors set forth in Item 1A of its Form 10-K for the year ended December 31, 2020, under the caption ?Risk Factors.? The Company undertakes no obligation to update the information contained in this press release to reflect subsequently occurring events or circumstances.

Source: American Tower Corporation

In general the bond market is volatile, and fixed income securities carry interest rate risk. (As interest rates rise, bond prices usually fall, and vice versa. This effect is usually more pronounced for longer-term securities.) Fixed income securities also carry inflation risk and credit and default risks for both issuers and counterparties. Unlike individual bonds, most bond funds do not have a maturity date, so avoiding losses caused by price volatility by holding them until maturity is not possible.

Lower-quality debt securities generally offer higher yields, but also involve greater risk of default or price changes due to potential changes in the credit quality of the issuer. Any fixed income security sold or redeemed prior to maturity may be subject to loss.

Before investing, consider the funds' investment objectives, risks, charges, and expenses. Contact Fidelity for a prospectus or, if available, a summary prospectus containing this information. Read it carefully.