American Tower Raises $1.25 Billion in Two-Part Offering of DebtSarika Gangar
American Tower Corp. raised $1.25 billion in a two-part bond sale.
The owner and operator of wireless and broadcast communications sites issued $750 million of 3.4 percent 5.5-year debt priced to yield 195 basis points more than Treasuries and $500 million of 5 percent notes due February 2024 at a spread of 230 basis points, according to data compiled by Bloomberg. Proceeds from the securities, expected to be rated Baa3 by Moody’s Investors Service, will be used for debt repayment and general corporate purposes, according to a regulatory filing.
American Tower’s $1 billion of 3.5 percent debentures due 2023 issued in January traded yesterday at 90.7 cents on the dollar to yield 4.74 percent, according to Trace, the bond-price reporting system of the Financial Industry Regulatory Authority.
Bank of America Corp., Citigroup Inc., Mizuho Financial Group Inc., Morgan Stanley and Toronto-Dominion Bank managed the offering for the Boston-based company, the data show.