American Tower Corporation filed a Free Writing Prospectus on November 9, 2026, disclosing the final terms of a three-tranche senior notes offering totaling $1,500,000,000 in aggregate principal, with trade date November 9, 2026 and settlement expected November 13, 2026.

Key Highlights

  • Three tranches priced: $450,000,000 of 5.300% Senior Notes due 2031, $500,000,000 of 5.560% Senior Notes due 2033, and $550,000,000 of 5.750% Senior Notes due 2036, according to the filing.
  • Add-on structure: Each tranche will be consolidated and fully fungible with an existing series originally issued September 14, 2026, the filing states.
  • Net proceeds: Approximately $1,474.9 million in net proceeds are expected after deducting underwriter discounts, commissions, and estimated expenses, as disclosed in the filing.
  • Use of proceeds: The company disclosed it intends to use proceeds to repay $1,015.0 million under the 2021 Multicurrency Credit Facility, with approximately $459.9 million for general corporate purposes.
  • Yields to maturity: The filing reports yields of 5.444% for the 2031 Notes, 5.671% for the 2033 Notes, and 5.886% for the 2036 Notes.
  • Credit ratings: The notes carry ratings of Baa2 (Stable) / BBB+ (Stable) / BBB+ (Stable) from Moody's, S&P, and Fitch, respectively, as stated in the filing.
  • Settlement: The filing indicates delivery of the notes is expected against payment on November 13, 2026, on a T+3 basis.

American Tower's November 2026 Senior Notes: Terms and Structure

According to the Free Writing Prospectus filed under Registration Statement No. 333-287714, American Tower Corporation priced three tranches of senior notes on November 9, 2026. The 2031 Notes carry a coupon of 5.300% and were priced at 99.387% of par, plus accrued interest of $3,908,750.00 from September 14, 2026. The 2033 Notes carry a coupon of 5.560% and were priced at 99.369% of par, plus $4,556,111.11 of accrued interest. The 2036 Notes carry a coupon of 5.750% and were priced at 98.986% of par, plus $5,182,986.11 of accrued interest.

The filing discloses that each tranche is structured as an add-on to an existing series. The 2031 Notes will be consolidated with the outstanding $500,000,000 5.300% Senior Notes due 2031 issued September 14, 2026. The 2033 Notes will consolidate with the outstanding $500,000,000 5.560% Senior Notes due 2033, and the 2036 Notes with the outstanding $600,000,000 5.750% Senior Notes due 2036, both also originally issued September 14, 2026. Spreads to benchmark Treasuries are T+78 basis points, T+92 basis points, and T+102 basis points for the 2031, 2033, and 2036 Notes, respectively.

The filing identifies TD Securities (USA) LLC, ING Financial Markets LLC, Mizuho Securities USA LLC, RBC Capital Markets LLC, and SMBC Nikko Securities America, Inc. as joint book-running managers, with a broader group of senior co-managers and co-managers also listed. Interest on all three tranches will be paid semi-annually on March 15 and September 15 of each year, commencing March 15, 2027. Each tranche includes a make-whole call provision and a par call option exercisable within one to three months of the respective maturity date, as described in the filing.

What Was Disclosed

American Tower Corporation disclosed the final terms of a $1,500,000,000 three-tranche senior note offering dated November 9, 2026, including pricing, yields, spreads, credit ratings, intended use of approximately $1,474.9 million in net proceeds, and settlement details.