$AMT · American Tower Corporation

American Tower Corporation filed a prospectus supplement for a public offering of $1.6 billion in senior notes, issued in three tranches. The offering consists of $500 million of 5.300% senior notes due September 15, 2031, $500 million of 5.560% senior notes due September 15, 2033, and $600 million of 5.750% senior notes due September 15, 2036. Interest will be paid semiannually on March 15 and September 15, beginning March 15, 2027. The notes are general unsecured obligations of American Tower, ranking equally with its other senior unsecured debt but structurally subordinated to obligations of its subsidiaries. The company may redeem the notes before maturity at the applicable redemption prices, and the notes will not be listed on any securities exchange.

The filing also provides pricing and underwriting details. The notes were offered at prices ranging from 99.497% to 99.776% of principal. Total underwriting discounts were approximately $10.0 million, leaving American Tower with proceeds before expenses of about $1.584 billion. Settlement is expected on September 14, 2026. The joint book-running managers for the offering were J.P. Morgan, BofA Securities, Citigroup, Morgan Stanley, and Scotiabank.