| Item 1.01 |
Entry into a Material Definitive Agreement. |
On November 13, 2026, American Tower Corporation (the “Company”) completed a registered public offering of $450.0 million aggregate principal amount of its 5.300% senior unsecured notes due 2031 (the “2031 notes”), $500.0 million aggregate principal amount of its 5.560% senior unsecured notes due 2033 (the “2033 notes”) and $550.0 million aggregate principal amount of its 5.750% senior unsecured notes due 2036 (the “2036 notes” and, collectively with the 2031 notes and the 2033 notes, the “Notes”), which resulted in aggregate net proceeds to the Company of approximately $1,474.9 million, after deducting commissions and estimated expenses. The 2031 notes will be consolidated, form a single series and be fully fungible, with the Company’s outstanding $500,000,000 5.300% senior unsecured notes due 2031 issued on September 14, 2026. The 2033 notes will be consolidated, form a single series and be fully fungible, with the Company’s outstanding $500,000,000 5.560% senior unsecured notes due 2033 issued on September 14, 2026. The 2036 notes will be consolidated, form a single series and be fully fungible, with the Company’s outstanding $600,000,000 5.750% senior unsecured notes due 2036 issued on September 14, 2026. The Company intends to use the net proceeds to repay existing indebtedness under its $6.0 billion senior unsecured multicurrency revolving credit facility and for general corporate purposes.
The Company issued the Notes under an indenture dated as of June 2, 2025 (the “Base Indenture”), as supplemented by a supplemental indenture dated as of September 14, 2026 (the “Supplemental Indenture No. 3” and, together with the Base Indenture, the “Indenture”), each between the Company and U.S. Bank Trust Company, National Association, as trustee (the “Trustee”). The following description of the Indenture is a summary and is qualified in its entirety by reference to the detailed provisions of the Indenture.
The 2031 notes will mature on September 15, 2031 and bear interest at a rate of 5.300% per annum. The 2033 notes will mature on September 15, 2033 and bear interest at a rate of 5.560% per annum. The 2036 notes will mature on September 15, 2036 and bear interest at a rate of 5.750% per annum. Accrued and unpaid interest on the Notes will be payable in U.S. Dollars semi-annually in arrears on March 15 and September 15 of each year, beginning on March 15, 2027. Interest on the Notes will accrue from September 14, 2026 and will be computed on the basis of a 360-day year comprised of twelve 30-day months. The terms of the Indenture, among other things, limit (a) the Company’s ability to merge, consolidate or sell assets and (b) the Company’s and its subsidiaries’ abilities to incur liens. These covenants are subject to a number of exceptions, including that the Company and its subsidiaries may incur liens on assets, mortgages or other liens securing indebtedness, provided the aggregate amount of indebtedness secured by such liens shall not exceed 3.5x Adjusted EBITDA as defined in the Indenture.
The Company may redeem the Notes at any time, in whole or in part, at its election at the applicable redemption price. If the Company redeems (a) the 2031 notes prior to August 15, 2031, (b) the 2033 notes prior to July 15, 2033 or (c) the 2036 notes prior to June 15, 2036, the Company shall pay a redemption price equal to 100% of the principal amount of the notes being redeemed plus a make-whole premium, together with accrued interest to the redemption date. If the Company redeems (a) the 2031 notes on or after August 15, 2031, (b) the 2033 notes on or after July 15, 2033 or (c) the 2036 notes on or after June 15, 2036, the Company shall pay a redemption price equal to 100% of the principal amount of the notes being redeemed plus accrued interest to the redemption date. In addition, if the Company undergoes a Change of Control and Ratings Decline, each as defined in the Indenture, the Company may be required to repurchase all of the Notes at a purchase price equal to 101% of the principal amount of the Notes, plus accrued and unpaid interest (including additional interest, if any), up to but not including the repurchase date.
The Indenture provides that each of the following is an event of default (“Event of Default”): (i) default for 30 days in payment of any interest due with respect to the Notes; (ii) default in payment of principal or premium, if any, on the Notes when due, at maturity, upon any redemption, by declaration or otherwise; (iii) failure by the Company to comply with covenants in the Indenture or Notes for 90 days after receiving notice; and (iv) certain events of bankruptcy or insolvency with respect to the Company or any of its Significant Subsidiaries, as defined in the Indenture. If any Event of Default arising under clause (iv) above occurs, the principal amount and accrued and unpaid interest on all the outstanding Notes will become due and payable immediately without further action or notice. If any other Event of Default occurs and is continuing, the Trustee or the holders of at least 25% in principal amount of the then outstanding Notes may declare the entire principal amount on all the outstanding Notes to be due and payable immediately.
