---
schema_version: "secwatch.filing_event.v1"
accession: "0001053507-23-000051"
form_type: "8-K"
ticker: "AMT"
cik: "0001053507"
company_name: "AMERICAN TOWER CORP /MA/"
filed_at: "2023-03-13T23:59:59+00:00"
generated_at: "2026-06-18T04:10:50.570498+00:00"
event_type: "debt"
sentiment: "neutral"
materiality_score: 0.65
calibrated_materiality_score: 0.65
confidence: "high"
source: SEC EDGAR
---

# American Tower completes $1.3B tower revenue securitization at 5.49% rate

## Summary
- 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.

## SEC filing metadata
- accession: 0001053507-23-000051
- form_type: 8-K
- ticker: AMT
- cik: 0001053507
- company_name: AMERICAN TOWER CORP /MA/
- filed_at: 2023-03-13T23:59:59+00:00
- event_type: debt
- sentiment: neutral
- materiality_score: 0.65
- calibrated_materiality_score: 0.65
- confidence: high
- sec_items: 1.01, 2.03
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1053507/000105350723000051/0001053507-23-000051-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1053507/000105350723000051/amt-20230313.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001053507-23-000051
- JSON: https://secwatch.observer/filing/0001053507-23-000051.json
- Plain text: https://secwatch.observer/filing/0001053507-23-000051.txt

## Key facts
- Debt Financings
  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
  source text: 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”)
  evidence_url: https://www.sec.gov/Archives/edgar/data/1053507/000105350723000051/0001053507-23-000051-index.htm
- Debt Financings
  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
  source text: 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”).
  evidence_url: https://www.sec.gov/Archives/edgar/data/1053507/000105350723000051/0001053507-23-000051-index.htm

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.