AMERICAN TOWER CORP /MA/ (AMT): debt financing — American Tower completes $1.3B tower revenue securitization at 5.49% rate

AMERICAN TOWER CORP /MA/

Issued $1.3B Series 2023-1A Secured Tower Revenue Securities at 5.490%, and $68.5M Series 2023-1R at 5.735% (retained for risk retention).
Proceeds used to repay existing indebtedness and for general corporate purposes; loan secured by mortgages on wireless tower sites.
Securities have expected life of ~5 years with final repayment in March 2053; debt service coverage ratio triggers for cash trap and amortization.
Borrowers are joint and several; affiliates guaranteed repayment and pledged equity interests.
Transaction arranged through special-purpose trust; rating Moody's/Fitch Aaa(sf)/AAA(sf) for Class A.

item 1.01 item 2.03

Key facts

Extracted from this filing and checked against the source text.

Debt Financings SEC 8-K Item 2.03/2.04 confidence 0.9

AMERICAN TOWER CORP /MA/ incurred debt of $68.5 million aggregate principal amount at 5.735%.

Principal: $68.5 million aggregate principal amount
Rate: 5.735%
Event: incurrence

Exact text from the filing

the Trust issued, and an affiliate of the Company purchased, $68.5 million aggregate principal amount of Secured Tower Revenue Securities, Series 2023-1, Subclass R (the “Series 2023-1R Securities” and, together with the Series 2023-1A Securities, the “Securities”)

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Debt Financings SEC 8-K Item 2.03/2.04 confidence 0.9

AMERICAN TOWER CORP /MA/ incurred senior notes of $1.3 billion aggregate principal amount at 5.490% maturing March 2053.

Instrument: senior notes
Principal: $1.3 billion aggregate principal amount
Rate: 5.490%
Maturity: March 2053
Event: incurrence

Exact text from the filing

On March 13, 2023, American Tower Trust I (the “Trust”), a trust established in May 2007 by American Tower Depositor Sub, LLC (the “Depositor”), an indirectly-owned special-purpose subsidiary of the Company, issued, in a private transaction (the “Transaction”), $1.3 billion aggregate principal amount of Secured Tower Revenue Securities, Series 2023-1, Subclass A (the “Series 2023-1A Securities”).

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AMERICAN TOWER CORP /MA/ filing history →

Source: SEC EDGAR

accession 0001053507-23-000051

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