AMERICAN TOWER CORP /MA/ (AMT): debt financing — American Tower issues $1.3B in senior notes (5.200% 2029, 5.450% 2034) to repay revolver

AMERICAN TOWER CORP /MA/

Issued $650M 5.200% senior notes due Feb 2029 and $650M 5.450% senior notes due Feb 2034.
Net proceeds of ~$1.2813B after commissions; used to repay borrowings under $6B revolving credit facility.
Interest payable semi-annually on Feb 15 and Aug 15, starting Aug 15, 2024.
Notes subject to customary covenants, including liens limit of 3.5x Adjusted EBITDA.
Change-of-control put at 101% of principal plus accrued interest.

Key facts

Extracted from this filing and checked against the source text.

Debt Financings SEC 8-K Item 2.03/2.04 confidence 1.0

AMERICAN TOWER CORP /MA/ incurred senior notes of $650.0 million aggregate principal amount of its 5.200% senior unsecured notes due 2029 and $650.0 million aggregate pri with public offering at 5.200% per annum on the 2029 notes and 5.450% per annum on the 2034 notes maturing February 15, 2029 for the 2029 notes and February 15, 2034 for the 2034 notes.

Instrument: senior notes
Principal: $650.0 million aggregate principal amount of its 5.200% senior unsecured notes due 2029 and $650.0 million aggregate pri
Counterparty: public offering
Rate: 5.200% per annum on the 2029 notes and 5.450% per annum on the 2034 notes
Maturity: February 15, 2029 for the 2029 notes and February 15, 2034 for the 2034 notes
Event: incurrence

Exact text from the filing

On March 7, 2024, American Tower Corporation (the "Company") completed a registered public offering of $650.0 million aggregate principal amount of its 5.200% senior unsecured notes due 2029 (the "2029 notes") and $650.0 million aggregate principal amount of its 5.450% senior unsecured notes due 2034 (the "2034 notes" and, together with the 2029 notes, the "Notes"), which resulted in aggregate net proceeds to the Company of approximately $1,281.3 million, after deducting commissions and estimated expenses.

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Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

AMERICAN TOWER CORP /MA/ entered into Supplemental Indenture No. 5 with U.S. Bank Trust Company, National Association valued at $650.0 million aggregate principal amount of its 5.200% senior unsecured notes due 2029 and $650.0 m (effective 2024-03-07).

Action: entry
Agreement: notes offering
Counterparty: U.S. Bank Trust Company, National Association
Value: $650.0 million aggregate principal amount of its 5.200% senior unsecured notes due 2029 and $650.0 m
Effective: 2024-03-07

Exact text from the filing

The Company issued the Notes under an indenture dated as of June 1, 2022 (the "Base Indenture"), as supplemented by a supplemental indenture dated as of March 7, 2024 (the "Supplemental Indenture No. 5" and, together with the Base Indenture, the "Indenture"), each between the Company and U.S. Bank Trust Company, National Association, as trustee (the "Trustee").

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299 debt financings filed in the last 30 days. Browse all debt financings →

AMERICAN TOWER CORP /MA/ filing history →

Source: SEC EDGAR

accession 0001193125-24-062192

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