American Tower has sold US$1.8bn of secured tower revenue securities in two tranches to pay off debt.
The first US$500m tranche is set to mature in 2043 and has an interest rate of 1.55%. In a statement the company said the notes have an expected life…
American Tower has sold US$1.8bn of secured tower revenue securities in two tranches to pay off debt.
The first US$500m tranche is set to mature in 2043 and has an interest rate of 1.55%. In a statement the company said the notes have an expected life of five years.
The towerco also sold US$1.3bn that it expects to have a life-span of 10 years. These notes carry a coupon of 3.07% and are due in 2048.
Barclays and Morgan Stanley were bookrunners for the offering, which kicked off in early March.
Proceeds from the sale will repay the outstanding debt backing its US$1.75bn mortgage-backed securities portfolio issued in 2007, American Tower said.
The debts of two special-purpose subsidiaries are backing the securities and the mortgages of 5,195 of its towers are serving as collateral.
The offering received a AAA rating from Fitch.
Earlier in March the towerco’s CFO said the issue was opportunistic and that the rate environment attracted them to the market.
American Tower has a portfolio of close 55,000 towers across the Americas, Africa, India and Germany.
