Commentary & Deal Flow

Guidance: Long 7yr: MS+100bp area (+/- 5)

IPTs: Long 7yr: MS+130bp area

• Issuer: American Tower Corporation
• Issuer LEI: 5493006ORUSIL88JOE18
• Issuer Ratings: Baa2 (Stable) / BBB+ (Stable) / BBB+ (Stable) (Moody’s / S&P / Fitch)
• Expected Issue Ratings: Baa2 / BBB+ / BBB+ (Moody’s / S&P / Fitch)
• Format: SEC-registered
• ISIN: XS3389205470
• Size: € Benchmark
• Ranking: Senior Unsecured
• Maturity: 01-Sep-33
• Coupon: Fixed, Annual, ACT/ACT (ICMA)
• Make-whole call: Yes
• Par Call: Yes, 2-months
• Docs: SEC Registered / New York Stock Exchange Listing / New York Law / €100k+1k denoms / CoC @ 101
• Clearing: Euroclear and Clearstream
• UoP: The Issuer intends to use the net proceeds from this offering to repay existing indebtedness drawn under the 2021 Multicurrency Credit Facility, to the extent it has been drawn upon in euros to repay the 1.950% Notes, and for general corporate purposes
• Sales into Canada: Yes, via exemption
• Sales into Japan: Yes, via exemption
• Selling Restrictions: As per the Issuer's preliminary prospectus supplement
• Stabilization: FCA/ICMA
• Target Market: MiFID II and UK MiFIR professionals / ECPs-only / No PRIIPs KID or DISC Disclosure Document
• Marketing: www.netroadshow.com / Passcode: AMT2026
• Joint Actives: J.P. Morgan (B&D) / BNP Paribas / BofA Securities / Citigroup / Crédit Agricole / Mizuho
• Timing: Books subject at 12.45 UKT / 13.45 CET (will be flex for US-based demand)
• Settlement: 27-May-26 (T+5)