Boston-based American Tower Corporation has announced the pricing of its registered public offering of 8.35 million shares of common stock at USD256.00 per share. The underwriters have an option to purchase up to an additional 835,000 shares of common stock to cover over-allotments, if applicable. The net proceeds of the offering are expected to be approximately USD2.084 billion (or approximately USD2.292 billion if the underwriters exercise their option to purchase additional shares in full) after deducting underwriting discounts and estimated expenses. American Tower intends to use the net proceeds from this offering to repay existing indebtedness, including borrowings that were used to finance its acquisition of CoreSite Realty Corporation, which closed in December 2021.
JP Morgan is acting as lead book-running manager for the offering, while Citigroup, Mizuho Securities, Morgan Stanley and TD Securities are also acting as joint book-runners.