American Tower has priced US$1bn of 10-year notes at 99.185% of their face value.
The notes carry a coupon of 3.5% and the net proceeds of the offering are expected to be approximately US$983.4m, after deducting underwriting discounts and estimated…
American Tower has priced US$1bn of 10-year notes at 99.185% of their face value.
The notes carry a coupon of 3.5% and the net proceeds of the offering are expected to be approximately US$983.4m, after deducting underwriting discounts and estimated offering expenses.
Barclays, JP Morgan, RBC Capital Markets and RBS are bookrunners.
Moody’s assigned the planned offering a Baa3 ratings yesterday.
In a statement the US towerco said it intends to use the net proceeds from the offering to refinance some or all of the existing indebtedness incurred under its credit facilities, which have been primarily used to fund recent acquisitions.
In an SEC filing, published on 3 January, American Tower said it had borrowed close to US$1.3bn from its revolvers to fund acquisitions completed in Q4 of last year.
It spent US$525.7m on buying over 2,000 towers in Germany from KPN subsidiary E-Plus, US$506.6m on 680 towers in the US, and made two acquisitions of small portfolios in Mexico and Colombia.
American Tower currently owns and operates over 53,000 towers across the United States, Brazil, Chile, Colombia, India, Germany, Ghana, Mexico, Peru, South Africa and Uganda.
