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American Tower units price $500M private placement of securities

Certain units of wireless communications operator and real estate investment trust American Tower Corp. priced a $500.0 million private placement of series 2018-1, subclass A, secured tower revenue securities.

The securities will have an interest rate of 3.652% and an expected life of about 10 years upon issuance, with a final maturity of March 2048.

American Tower expects to close the transaction March 29 and aims to use the net proceeds to repay borrowings under its revolving credit facilities.

The company noted that one of its affiliates plans to buy $26.4 million of series 2018-1, subclass R, secured tower revenue securities to retain an eligible horizontal residual interest in an amount equal to at least 5% of the fair value of the securities. Upon issuance, the subclass R securities will have an interest rate of 4.459% and an expected life of roughly 10 years, with a final maturity of March 2048.

American Tower added that the securities will be backed by a loan to its two special-purpose units that will be secured mainly by mortgages on their interests in 5,116 communications sites.