Commentary & Deal Flow

Reoffer: Long 7yr: MS+95bp / 99.663 / 4.057%
Benchmark: DBR 2.6 15-Aug-33 @ 97.20 / B+102.1bp / HR 98%

Final Books €2.65bn. Peak book €3bn+ (pre-rec)

Launched: Long 7yr: €750m @ MS+95bp - Books €3bn+ (pre-rec)
Guidance: Long 7yr: MS+100a
IPTs: Long 7yr: MS+130a

• Issuer: American Tower Corporation (Ticker: AMT; Country: US)
• 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
• Settlement Date / Issue Date: 27-May-26 (T+5)
• Maturity: 01-Sep-33
• Reoffer: MS+95bp / 99.663 / 4.057%
• Benchmark: DBR 2.6 15-Aug-33 @ 97.20 / B+102.1bp / HR 98%
• Coupon: 4.000% Fixed, Annual, ACT/ACT (ICMA), short first coupon
• Make-whole call: B+15bps
• Par Call: Yes, 2-months
• ISIN / Common Code: XS3389205470
• 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
• Joint Actives: J.P. Morgan (B&D) / BNP Paribas / BofA Securities / Citigroup / Crédit Agricole / Mizuho
• Timing: TOE: 15.18UKT / FTT: TBC