AMERICAN TOWER CORP /MA/AMT
AMERICAN TOWER CORP /MA/ Debt Disclosure
LONG-TERM OBLIGATIONS
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Outstanding amounts under the Company’s long-term obligations, reflecting discounts, premiums and debt issuance costs, consisted of the following:
| As of | |||||||||||||||||||||||
| December 31, 2025 | December 31, 2024 | Contractual Interest Rate (1) | Maturity Date (1) | ||||||||||||||||||||
| 2021 Multicurrency Credit Facility (2) | $ | 380.0 | $ | — | 4.839 | % | January 28, 2028 | ||||||||||||||||
| 2021 Term Loan (2) | 998.1 | 997.9 | 4.839 | % | January 28, 2028 | ||||||||||||||||||
| 2021 Credit Facility (2) | — | — | — | % | January 28, 2030 | ||||||||||||||||||
2.950% senior notes (3) | — | 650.0 | N/A | N/A | |||||||||||||||||||
2.400% senior notes (4) | — | 749.7 | N/A | N/A | |||||||||||||||||||
1.375% senior notes (5)(6) | — | 517.3 | N/A | N/A | |||||||||||||||||||
4.000% senior notes (7) | — | 749.4 | N/A | N/A | |||||||||||||||||||
1.300% senior notes (8) | — | 499.3 | N/A | N/A | |||||||||||||||||||
4.400% senior notes (9) | 499.9 | 499.3 | 4.400 | % | February 15, 2026 | ||||||||||||||||||
1.600% senior notes | 699.7 | 698.5 | 1.600 | % | April 15, 2026 | ||||||||||||||||||
1.950% senior notes (6) | 586.9 | 516.4 | 1.950 | % | May 22, 2026 | ||||||||||||||||||
1.450% senior notes | 598.9 | 597.4 | 1.450 | % | September 15, 2026 | ||||||||||||||||||
3.375% senior notes | 998.5 | 996.6 | 3.375 | % | October 15, 2026 | ||||||||||||||||||
3.125% senior notes | 399.6 | 399.3 | 3.125 | % | January 15, 2027 | ||||||||||||||||||
2.750% senior notes | 749.0 | 748.0 | 2.750 | % | January 15, 2027 | ||||||||||||||||||
0.450% senior notes (6) | 879.7 | 774.1 | 0.450 | % | January 15, 2027 | ||||||||||||||||||
0.400% senior notes (6) | 585.8 | 515.0 | 0.400 | % | February 15, 2027 | ||||||||||||||||||
3.650% senior notes | 648.0 | 646.4 | 3.650 | % | March 15, 2027 | ||||||||||||||||||
4.125% senior notes (6) | 703.1 | 618.5 | 4.125 | % | May 16, 2027 | ||||||||||||||||||
3.55% senior notes | 748.7 | 747.9 | 3.550 | % | July 15, 2027 | ||||||||||||||||||
3.600% senior notes | 697.9 | 697.0 | 3.600 | % | January 15, 2028 | ||||||||||||||||||
0.500% senior notes (6) | 878.3 | 772.6 | 0.500 | % | January 15, 2028 | ||||||||||||||||||
1.500% senior notes | 648.5 | 647.8 | 1.500 | % | January 31, 2028 | ||||||||||||||||||
5.500% senior notes | 696.5 | 695.0 | 5.500 | % | March 15, 2028 | ||||||||||||||||||
5.250% senior notes | 646.4 | 645.2 | 5.250 | % | July 15, 2028 | ||||||||||||||||||
5.800% senior notes | 745.9 | 744.6 | 5.800 | % | November 15, 2028 | ||||||||||||||||||
5.200% senior notes | 645.1 | 643.7 | 5.200 | % | February 15, 2029 | ||||||||||||||||||
3.950% senior notes | 596.0 | 594.8 | 3.950 | % | March 15, 2029 | ||||||||||||||||||
0.875% senior notes (6) | 878.2 | 773.0 | 0.875 | % | May 21, 2029 | ||||||||||||||||||
3.800% senior notes | 1,642.4 | 1,640.5 | 3.800 | % | August 15, 2029 | ||||||||||||||||||
2.900% senior notes | 746.0 | 745.1 | 2.900 | % | January 15, 2030 | ||||||||||||||||||
5.000% senior notes | 594.4 | 593.2 | 5.000 | % | January 31, 2030 | ||||||||||||||||||
4.900% senior notes | 848.0 | — | 4.900 | % | March 15, 2030 | ||||||||||||||||||
3.900% senior notes (6) | 583.3 | 512.9 | 3.900 | % | May 16, 2030 | ||||||||||||||||||
2.100% senior notes | 745.2 | 744.1 | 2.100 | % | June 15, 2030 | ||||||||||||||||||
0.950% senior notes (6) | 583.1 | 512.6 | 0.950 | % | October 5, 2030 | ||||||||||||||||||
1.875% senior notes | 795.2 | 794.3 | 1.875 | % | October 15, 2030 | ||||||||||||||||||
2.700% senior notes | 696.3 | 695.6 | 2.700 | % | April 15, 2031 | ||||||||||||||||||
4.625% senior notes (6) | 582.2 | 511.7 | 4.625 | % | May 16, 2031 | ||||||||||||||||||
2.300% senior notes | 694.5 | 693.6 | 2.300 | % | September 15, 2031 | ||||||||||||||||||
1.000% senior notes (6) | 758.8 | 667.6 | 1.000 | % | January 15, 2032 | ||||||||||||||||||
4.050% senior notes | 644.4 | 643.7 | 4.050 | % | March 15, 2032 | ||||||||||||||||||
3.625% senior notes (6) | 583.9 | — | 3.625 | % | May 30, 2032 | ||||||||||||||||||
4.700% senior notes | 840.4 | — | 4.700 | % | December 15, 2032 | ||||||||||||||||||
5.650% senior notes | 792.3 | 791.4 | 5.650 | % | March 15, 2033 | ||||||||||||||||||
1.250% senior notes (6) | 582.4 | 512.1 | 1.250 | % | May 21, 2033 | ||||||||||||||||||
5.550% senior notes | 842.2 | 841.4 | 5.550 | % | July 15, 2033 | ||||||||||||||||||
5.900% senior notes | 742.9 | 742.2 | 5.900 | % | November 15, 2033 | ||||||||||||||||||
5.450% senior notes | 641.5 | 640.6 | 5.450 | % | February 15, 2034 | ||||||||||||||||||
4.100% senior notes (6) | 580.8 | 510.5 | 4.100 | % | May 16, 2034 | ||||||||||||||||||
5.400% senior notes | 592.5 | 591.9 | 5.400 | % | January 31, 2035 | ||||||||||||||||||
5.350% senior notes | 731.4 | — | 5.350 | % | March 15, 2035 | ||||||||||||||||||
3.700% senior notes | 592.8 | 592.6 | 3.700 | % | October 15, 2049 | ||||||||||||||||||
3.100% senior notes | 1,039.1 | 1,038.8 | 3.100 | % | June 15, 2050 | ||||||||||||||||||
2.950% senior notes | 1,024.5 | 1,023.8 | 2.950 | % | January 15, 2051 | ||||||||||||||||||
| Total American Tower Corporation debt | 35,409.2 | 34,174.9 | |||||||||||||||||||||
| Series 2015-2 Notes (10) | — | 524.7 | N/A | N/A | |||||||||||||||||||
| Series 2018-1A Securities (11) | 498.3 | 497.6 | 3.652 | % | March 15, 2028 | ||||||||||||||||||
| Series 2023-1A Securities (12) | 1,291.7 | 1,288.0 | 5.490 | % | March 15, 2028 | ||||||||||||||||||
| Other subsidiary debt (13) | 5.2 | — | Various | Various | |||||||||||||||||||
| Total American Tower subsidiary debt | 1,795.2 | 2,310.3 | |||||||||||||||||||||
| 15.9 | 16.6 | ||||||||||||||||||||||
| Total | 37,220.3 | 36,501.8 | |||||||||||||||||||||
| Less current portion of long-term obligations | (3,387.8) | (3,693.0) | |||||||||||||||||||||
| Long-term obligations | $ | 33,832.5 | $ | 32,808.8 | |||||||||||||||||||
(1)Reflects interest rate or maturity date as of December 31, 2025.
(2)Accrues interest at a variable rate.
(3)Repaid in full on January 14, 2025 using cash on hand and borrowings under the 2021 Multicurrency Credit Facility (as defined below).
(4)Repaid in full on March 14, 2025 using proceeds from the issuance of the 4.900% Notes and 5.350% Notes (each as defined below).
(5)Repaid in full on April 3, 2025 using borrowings under the 2021 Multicurrency Credit Facility and cash on hand.
(6)Notes are denominated in EUR.
(7)Repaid in full on May 30, 2025 using borrowings under the 2021 Credit Facility (as defined below) and cash on hand.
(8)Repaid in full on September 12, 2025 using borrowings under the 2021 Credit Facility.
(9)Repaid in full on February 13, 2026 using borrowings under the 2021 Credit Facility and cash on hand.
(10)Repaid in full on June 16, 2025 using borrowings under the 2021 Multicurrency Credit Facility and cash on hand.
(11)Maturity date reflects the anticipated repayment date; final legal maturity is March 15, 2048.
(12)Maturity date reflects the anticipated repayment date; final legal maturity is March 15, 2053.
(13)As of December 31, 2025, includes the Bangladesh Term Loan and the CoreSite DE1 Note (each as defined below).
Current portion of long-term obligations—The Company’s current portion of long-term obligations primarily includes (i) $500.0 million aggregate principal amount of the Company’s 4.400% senior unsecured notes due February 15, 2026, (ii) $700.0 million aggregate principal amount of the Company’s 1.600% senior unsecured notes due April 15, 2026, (iii) 500.0 million EUR aggregate principal amount of the Company’s 1.950% senior unsecured notes due May 22, 2026, (iv) $600.0 million aggregate principal amount of the Company’s 1.450% senior unsecured notes due September 15, 2026, and (v) $1.0 billion aggregate principal amount of the Company’s 3.375% senior unsecured notes due October 15, 2026.
American Tower Corporation Debt
Bank Facilities
Amendments to Bank Facilities—On January 28, 2025, the Company amended its (i) $6.0 billion senior unsecured multicurrency revolving credit facility, as amended and restated in December 2021, as further amended (the “2021 Multicurrency Credit Facility”), (ii) $4.0 billion senior unsecured revolving credit facility, as amended and restated in December 2021, as further amended (the “2021 Credit Facility”) and (iii) $1.0 billion unsecured term loan, as amended and restated in December 2021, as further amended (the “2021 Term Loan”).
These amendments, among other things,
i.extend the maturity dates of the 2021 Multicurrency Credit Facility and the 2021 Credit Facility to January 28, 2028 and January 28, 2030, respectively;
ii.extend the maturity date of the 2021 Term Loan to January 28, 2028; and
iii.update the Applicable Margins (as defined in the loan agreements).
2021 Multicurrency Credit Facility—During the year ended December 31, 2025, the Company borrowed an aggregate of $2.4 billion, including 492.0 million EUR ($529.1 million as of the borrowing date) and repaid an aggregate of $2.0 billion,
including 492.0 million EUR ($549.9 million as of the repayment date) of revolving indebtedness under the 2021 Multicurrency Credit Facility. The Company used the borrowings to repay outstanding indebtedness, including the 2.950% Notes, the 1.375% Notes and the Series 2015-2 Notes (each as defined below), and for general corporate purposes.
2021 Credit Facility—During the year ended December 31, 2025, the Company borrowed an aggregate of $3.7 billion and repaid an aggregate of $3.7 billion of revolving indebtedness under the 2021 Credit Facility. The Company used the borrowings to repay outstanding indebtedness, including the 4.000% Notes and the 1.300% Notes (each as defined below), and for general corporate purposes.
As of December 31, 2025, the key terms under the 2021 Multicurrency Credit Facility, the 2021 Credit Facility and the 2021 Term Loan were as follows:
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| Outstanding Principal Balance | Undrawn letters of credit | Maturity Date | Current margin over SOFR or EURIBOR (1) | Current commitment fee (2) | |||||||||||||||||||||||||
| 2021 Multicurrency Credit Facility | $ | 380.0 | $ | 7.0 | January 28, 2028 | (3) | 0.875 | % | 0.100 | % | |||||||||||||||||||
| 2021 Credit Facility | $ | — | $ | 29.8 | January 28, 2030 | (3) | 0.875 | % | 0.100 | % | |||||||||||||||||||
| 2021 Term Loan | $ | 1,000.0 | N/A | January 28, 2028 | 0.875 | % | N/A | ||||||||||||||||||||||
(1) Secured Overnight Financing Rate (“SOFR”) applies to the USD denominated borrowings under the 2021 Multicurrency Credit Facility, the 2021 Credit Facility and the 2021 Term Loan. Euro Interbank Offer Rate (“EURIBOR”) applies for EURIBOR based borrowings.
(2) Fee on undrawn portion of each credit facility.
(3) Subject to two optional renewal periods.
The loan agreements for each of the 2021 Multicurrency Credit Facility, the 2021 Credit Facility, and the 2021 Term Loan contain certain reporting, information, financial and operating covenants and other restrictions (including limitations on additional debt, guaranties, sales of assets and liens) with which the Company must comply. Failure to comply with the financial and operating covenants of the loan agreements could not only prevent the Company from being able to borrow additional funds under the revolving credit facilities, but may constitute a default, which could result in, among other things, the amounts outstanding under the applicable agreement, including all accrued interest and unpaid fees, becoming immediately due and payable.
Senior Notes
Repayments of Senior Notes
Repayment of 2.950% Senior Notes—On January 14, 2025, the Company repaid $650.0 million aggregate principal amount of the Company’s 2.950% senior unsecured notes due 2025 (the “2.950% Notes”) upon their maturity. The 2.950% Notes were repaid using cash on hand and borrowings under the 2021 Multicurrency Credit Facility. Upon completion of the repayment, none of the 2.950% Notes remained outstanding.
Repayment of 2.400% Senior Notes—On March 14, 2025, the Company repaid $750.0 million aggregate principal amount of the Company’s 2.400% senior unsecured notes due 2025 (the “2.400% Notes”) upon their maturity. The 2.400% Notes were repaid using proceeds from the issuance of the 4.900% Notes and the 5.350% Notes. Upon completion of the repayment, none of the 2.400% Notes remained outstanding.
Repayment of 1.375% Senior Notes—On April 3, 2025, the Company repaid 500.0 million EUR aggregate principal amount of the Company’s 1.375% senior unsecured notes due 2025 (the “1.375% Notes”) upon their maturity. The 1.375% Notes were repaid using borrowings under the 2021 Multicurrency Credit Facility and cash on hand. Upon completion of the repayment, none of the 1.375% Notes remained outstanding.
Repayment of 4.000% Senior Notes—On May 30, 2025, the Company repaid $750.0 million aggregate principal amount of the Company’s 4.000% senior unsecured notes due 2025 (the “4.000% Notes”) upon their maturity. The 4.000% Notes were repaid using borrowings under the 2021 Credit Facility and cash on hand. Upon completion of the repayment, none of the 4.000% Notes remained outstanding.
Repayment of 1.300% Senior Notes—On September 12, 2025, the Company repaid $500.0 million aggregate principal amount of the Company’s 1.300% senior unsecured notes due 2025 (the “1.300% Notes”) upon their maturity. The 1.300% Notes were repaid using borrowings under the 2021 Credit Facility. Upon completion of the repayment, none of the 1.300% Notes remained outstanding.
Offerings of Senior Notes
4.900% Senior Notes and 5.350% Senior Notes Offering—On March 14, 2025, the Company completed a registered public offering of $650.0 million aggregate principal amount of 4.900% senior unsecured notes due 2030 (the “Initial 4.900% Notes”) and $350.0 million aggregate principal amount of 5.350% senior unsecured notes due 2035 (the “Initial 5.350% Notes”). The net proceeds from this offering were approximately $988.9 million, after deducting commissions and estimated expenses. The Company used the net proceeds to repay the 2.400% Notes, to repay existing indebtedness under the 2021 Multicurrency Credit Facility and for general corporate purposes.
On September 16, 2025, the Company completed a registered public offering of $200.0 million aggregate principal amount through a reopening of the Initial 4.900% Notes (the “Reopened 4.900% Notes” and, collectively with the Initial 4.900% Notes, the “4.900% Notes”) and $375.0 million aggregate principal amount through a reopening of the Initial 5.350% Notes (the “Reopened 5.350% Notes” and, collectively with the Initial 5.350% Notes, the “5.350% Notes”). The net proceeds from this offering were approximately $587.8 million, after deducting commissions and estimated expenses. The Company used the net proceeds to repay existing indebtedness under the 2021 Credit Facility and for general corporate purposes.
3.625% Senior Notes Offering—On May 30, 2025, the Company completed a registered public offering of 500.0 million EUR (approximately $567.4 million at the date of issuance) aggregate principal amount of 3.625% senior unsecured notes due 2032 (the “3.625% Notes”). The net proceeds from this offering were approximately 496.8 million EUR (approximately $563.7 million at the date of issuance), after deducting commissions and estimated expenses. The Company used the net proceeds to repay existing indebtedness under the 2021 Multicurrency Credit Facility and for general corporate purposes.
4.700% Senior Notes Offering—On December 5, 2025, the Company completed a registered public offering of $850.0 million aggregate principal amount of 4.700% senior unsecured notes due 2032 (the “4.700% Notes,” and, collectively with the 4.900% Notes, the 5.350% Notes and the 3.625% Notes, the “Notes”). The net proceeds from this offering were approximately $839.5 million, after deducting commissions and estimated expenses. The Company used the net proceeds to repay existing indebtedness under the 2021 Credit Facility.
The following table outlines key terms related to the Company’s outstanding senior notes as of December 31, 2025:
| Adjustments to Principal Amount (1) | |||||||||||||||||||||||||||||||||||
| Aggregate Principal Amount | 2025 | 2024 | Interest payments due (2) | Issue Date | Par Call Date (3) | ||||||||||||||||||||||||||||||
4.400% Notes | $ | 500.0 | (0.1) | (0.7) | February 15 and August 15 | January 12, 2016 | November 15, 2025 | ||||||||||||||||||||||||||||
1.600% Notes | 700.0 | (0.3) | (1.5) | April 15 and October 15 | March 29, 2021 | March 15, 2026 | |||||||||||||||||||||||||||||
1.950% Notes (4) | 587.3 | (0.4) | (1.3) | May 22 | May 22, 2018 | February 22, 2026 | |||||||||||||||||||||||||||||
1.450% Notes | 600.0 | (1.1) | (2.6) | March 15 and September 15 | September 27, 2021 | August 15, 2026 | |||||||||||||||||||||||||||||
3.375% Notes | 1,000.0 | (1.5) | (3.4) | April 15 and October 15 | May 13, 2016 | July 15, 2026 | |||||||||||||||||||||||||||||
3.125% Notes | 400.0 | (0.4) | (0.7) | January 15 and July 15 | September 30, 2016 | October 15, 2026 | |||||||||||||||||||||||||||||
2.750% Notes | 750.0 | (1.0) | (2.0) | January 15 and July 15 | October 3, 2019 | November 15, 2026 | |||||||||||||||||||||||||||||
0.450% Notes (4) | 880.9 | (1.2) | (2.4) | January 15 | May 21, 2021 | November 15, 2026 | |||||||||||||||||||||||||||||
0.400% Notes (4) | 587.3 | (1.5) | (2.7) | February 15 | October 5, 2021 | December 15, 2026 | |||||||||||||||||||||||||||||
3.650% Notes | 650.0 | (2.0) | (3.6) | March 15 and September 15 | April 1, 2022 | February 15, 2027 | |||||||||||||||||||||||||||||
4.125% Notes (4) | 704.7 | (1.6) | (2.7) | May 16 | May 16, 2023 | March 16, 2027 | |||||||||||||||||||||||||||||
3.55% Notes | 750.0 | (1.3) | (2.1) | January 15 and July 15 | June 30, 2017 | April 15, 2027 | |||||||||||||||||||||||||||||
3.600% Notes | 700.0 | (2.1) | (3.0) | January 15 and July 15 | December 8, 2017 | October 15, 2027 | |||||||||||||||||||||||||||||
0.500% Notes (4) | 880.9 | (2.6) | (3.9) | January 15 | September 10, 2020 | October 15, 2027 | |||||||||||||||||||||||||||||
1.500% Notes | 650.0 | (1.5) | (2.2) | January 31 and July 31 | November 20, 2020 | November 30, 2027 | |||||||||||||||||||||||||||||
5.500% Notes | 700.0 | (3.5) | (5.0) | March 15 and September 15 | March 3, 2023 | February 15, 2028 | |||||||||||||||||||||||||||||
5.250% Notes | 650.0 | (3.6) | (4.8) | January 15 and July 15 | May 25, 2023 | June 15, 2028 | |||||||||||||||||||||||||||||
5.800% Notes | 750.0 | (4.1) | (5.4) | May 15 and November 15 | September 15, 2023 | October 15, 2028 | |||||||||||||||||||||||||||||
5.200% Notes | 650.0 | (4.9) | (6.3) | February 15 and August 15 | March 7, 2024 | January 15, 2029 | |||||||||||||||||||||||||||||
3.950% Notes | 600.0 | (4.0) | (5.2) | March 15 and September 15 | March 15, 2019 | December 15, 2028 | |||||||||||||||||||||||||||||
0.875% Notes (4) | 880.9 | (2.7) | (3.5) | May 21 | May 21, 2021 | February 21, 2029 | |||||||||||||||||||||||||||||
3.800% Notes | 1,650.0 | (7.6) | (9.5) | February 15 and August 15 | June 13, 2019 | May 15, 2029 | |||||||||||||||||||||||||||||
2.900% Notes | 750.0 | (4.0) | (4.9) | January 15 and July 15 | January 10, 2020 | October 15, 2029 | |||||||||||||||||||||||||||||
5.000% Notes | 600.0 | (5.6) | (6.8) | January 31 and July 31 | November 21, 2024 | December 31, 2029 | |||||||||||||||||||||||||||||
4.900% Notes (5) | 850.0 | (2.0) | — | March 15 and September 15 | March 14, 2025 | February 15, 2030 | |||||||||||||||||||||||||||||
3.900% Notes (4) | 587.3 | (4.0) | (4.8) | May 16 | May 29, 2024 | February 16, 2030 | |||||||||||||||||||||||||||||
2.100% Notes | 750.0 | (4.8) | (5.9) | June 15 and December 15 | June 3, 2020 | March 15, 2030 | |||||||||||||||||||||||||||||
0.950% Notes (4) | 587.3 | (4.2) | (5.1) | October 5 | October 5, 2021 | July 5, 2030 | |||||||||||||||||||||||||||||
1.875% Notes | 800.0 | (4.8) | (5.7) | April 15 and October 15 | September 28, 2020 | July 15, 2030 | |||||||||||||||||||||||||||||
2.700% Notes | 700.0 | (3.7) | (4.4) | April 15 and October 15 | March 29, 2021 | January 15, 2031 | |||||||||||||||||||||||||||||
4.625% Notes (4) | 587.3 | (5.1) | (6.0) | May 16 | May 16, 2023 | February 16, 2031 | |||||||||||||||||||||||||||||
2.300% Notes | 700.0 | (5.5) | (6.4) | March 15 and September 15 | September 27, 2021 | June 15, 2031 | |||||||||||||||||||||||||||||
1.000% Notes (4) | 763.4 | (4.6) | (5.3) | January 15 | September 10, 2020 | October 15, 2031 | |||||||||||||||||||||||||||||
4.050% Notes | 650.0 | (5.6) | (6.3) | March 15 and September 15 | April 1, 2022 | December 15, 2031 | |||||||||||||||||||||||||||||
3.625% Notes (4) | 587.3 | (3.4) | — | May 30 | May 30, 2025 | March 30, 2032 | |||||||||||||||||||||||||||||
4.700% Notes | 850.0 | (9.6) | — | June 15 and December 15 | December 5, 2025 | October 15, 2032 | |||||||||||||||||||||||||||||
5.650% Notes | 800.0 | (7.7) | (8.6) | March 15 and September 15 | March 3, 2023 | December 15, 2032 | |||||||||||||||||||||||||||||
1.250% Notes (4) | 587.3 | (4.9) | (5.6) | May 21 | May 21, 2021 | February 21, 2033 | |||||||||||||||||||||||||||||
5.550% Notes | 850.0 | (7.8) | (8.6) | January 15 and July 15 | May 25, 2023 | April 15, 2033 | |||||||||||||||||||||||||||||
5.900% Notes | 750.0 | (7.1) | (7.8) | May 15 and November 15 | September 15, 2023 | August 15, 2033 | |||||||||||||||||||||||||||||
5.450% Notes | 650.0 | (8.5) | (9.4) | February 15 and August 15 | March 7, 2024 | November 15, 2033 | |||||||||||||||||||||||||||||
4.100% Notes (4) | 587.3 | (6.5) | (7.2) | May 16 | May 29, 2024 | February 16, 2034 | |||||||||||||||||||||||||||||
5.400% Notes | 600.0 | (7.5) | (8.1) | January 31 and July 31 | November 21, 2024 | October 31, 2034 | |||||||||||||||||||||||||||||
5.350% Notes (5) | 725.0 | 6.4 | — | March 15 and September 15 | March 14, 2025 | December 15, 2034 | |||||||||||||||||||||||||||||
3.700% Notes | 600.0 | (7.2) | (7.4) | April 15 and October 15 | October 3, 2019 | April 15, 2049 | |||||||||||||||||||||||||||||
3.100% Notes (6) | 1,050.0 | (10.9) | (11.2) | June 15 and December 15 | June 3, 2020 | December 15, 2049 | |||||||||||||||||||||||||||||
2.950% Notes (7) | 1,050.0 | (25.5) | (26.2) | January 15 and July 15 | November 20, 2020 | July 15, 2050 | |||||||||||||||||||||||||||||
(1) Includes unamortized discounts, premiums and debt issuance costs.
(2) Accrued and unpaid interest on USD denominated notes is payable in USD semi-annually in arrears and will be computed from the issue date on the basis of a 360-day year comprised of twelve 30-day months. Interest on EUR denominated notes is payable in EUR annually in arrears and will be computed on the basis of the actual number of days in the period for which interest is being calculated and the actual number of days from and including the last date on which interest was paid on the notes, beginning on the issue date.
(3) The Company may redeem the notes at any time, in whole or in part, at a redemption price equal to 100% of the principal amount of the notes plus a make-whole premium, together with accrued interest to the redemption date. If the Company redeems the notes on or after the par call date, the Company will not be required to pay a make-whole premium.
(4) Notes are denominated in EUR.
(5) The original issue date for the Initial 4.900% Notes and the Initial 5.350% Notes was March 14, 2025. The issue date for the Reopened 4.900% Notes and the Reopened 5.350% was September 16, 2025.
(6) The original issue date for the initial 3.100% Notes was June 3, 2020. The issue date for the reopened 3.100% Notes was September 28, 2020.
(7) The original issue date for the initial 2.950% Notes was November 20, 2020. The issue date for the reopened 2.950% Notes was September 27, 2021.
The Company may redeem each series of senior notes at any time, subject to the terms of the applicable supplemental indenture, in whole or in part, at a redemption price equal to 100% of the principal amount of the notes plus a make-whole premium, as applicable, together with accrued interest to the redemption date. In addition, if the Company undergoes a change of control and corresponding ratings decline, each as defined in the applicable supplemental indenture for the notes, the Company may be required to repurchase all of the applicable notes at a purchase price equal to 101% of the aggregate principal amount of such notes, plus accrued and unpaid interest (including additional interest, if any), up to but not including the repurchase date. The notes rank equally in right of payment with all of the Company’s other senior unsecured debt obligations and are structurally subordinated to all existing and future indebtedness and other obligations of its subsidiaries.
Each applicable supplemental indenture for the notes contains certain covenants that restrict the Company’s ability to merge, consolidate or sell assets and its (together with its subsidiaries’) ability to incur liens. These covenants are subject to a number
of exceptions, including that the Company and its subsidiaries may incur certain liens on assets, mortgages or other liens securing indebtedness if the aggregate amount of indebtedness secured by such liens does not exceed 3.5x Adjusted EBITDA, as defined in the applicable supplemental indenture. As of December 31, 2025, the Company was in compliance with each of these covenants.
American Tower Subsidiary Debt
Securitization
As of December 31, 2025, the Company has a securitization in place. Cash flows generated by the communications sites that secure the securitized debt of the Company are only available for payment of such debt and are not available to pay the Company’s other obligations or the claims of its creditors. However, subject to certain restrictions, the Company holds the right to receive the excess cash flows not needed to service the securitized debt and other obligations arising out of the securitization. The securitized debt is the obligation of the issuers thereof or borrowers thereunder, as applicable, and their subsidiaries, and not of the Company or its other subsidiaries.
American Tower Secured Revenue Notes and Repayment of Series 2015-2 Notes—In May 2015, GTP Acquisition Partners I, LLC, one of the Company’s wholly owned subsidiaries, refinanced existing debt with cash on hand and proceeds from a private issuance (the “2015 Securitization”) of (i) $350.0 million of American Tower Secured Revenue Notes, Series 2015-1, Class A, which were subsequently repaid on the June 2020 payment date, and (ii) $525.0 million of American Tower Secured Revenue Notes, Series 2015-2, Class A (the “Series 2015-2 Notes”). On the June 2025 payment date, the Company repaid $525.0 million aggregate principal amount outstanding under the Series 2015-2 Notes, pursuant to the terms of the agreements governing such securities. The repayment was funded with borrowings under the 2021 Multicurrency Credit Facility and cash on hand. Following such repayment, no notes were outstanding under the 2015 Securitization.
Secured Tower Revenue Securities, Series 2023-1, Subclass A and Series 2023-1, Subclass R, Series 2018-1, Subclass A and Series 2018-1, Subclass R—On March 13, 2023, the Company completed a securitization transaction (the “2023 Securitization”), in which American Tower Trust I (the “Trust”) issued $1.3 billion aggregate principal amount of Secured Tower Revenue Securities, Series 2023-1, Subclass A (the “Series 2023-1A Securities”). To satisfy the applicable risk retention requirements of Regulation RR promulgated under the Securities Exchange Act of 1934, as amended (the “Exchange Act” and, such requirements, the “Risk Retention Rules”), the Trust issued, and one of the Company’s affiliates purchased, $68.5 million aggregate principal amount of Secured Tower Revenue Securities, Series 2023-1, Subclass R (the “Series 2023-1R Securities” and, together with the Series 2023-1A Securities, the “2023 Securities”) to retain an “eligible horizontal residual interest” (as defined in the Risk Retention Rules) in an amount equal to at least 5% of the fair value of the 2023 Securities.
On March 29, 2018, the Company completed a securitization transaction (the “2018 Securitization,” and, together with the 2023 Securitization, the “Trust Securitization”), in which the Trust issued $500.0 million aggregate principal amount of Secured Tower Revenue Securities, Series 2018-1, Subclass A (the “Series 2018-1A Securities”). To satisfy the Risk Retention Rules, the Trust issued, and one of the Company’s affiliates purchased, $26.4 million aggregate principal amount of Secured Tower Revenue Securities, Series 2018-1, Subclass R (the “Series 2018-1R Securities” and, together with the Series 2018-1A Securities, the “2018 Securities”) to retain an “eligible horizontal residual interest” (as defined in the Risk Retention Rules) in an amount equal to at least 5% of the fair value of the 2018 Securities.
The assets of the Trust consist of a nonrecourse loan broken into components or “componentized” (the “Loan”), which secures each of the 2018 Securities and the 2023 Securities. The AMT Asset Subs are jointly and severally liable under the Loan, which is secured primarily by mortgages on the AMT Asset Subs’ interests in 5,023 broadcast and wireless communications towers and related assets (the “Trust Sites”).
The 2023 Securities correspond to components of the Loan made to the AMT Asset Subs pursuant to the Second Supplement and Amendment dated as of March 13, 2023 to the Second Amended and Restated Loan and Security Agreement dated as of March 29, 2018 (the “Loan Agreement,” which continues to govern the 2018 Securities, and collectively, the “Trust Loan Agreement”).
The 2023 Securities (a) represent a pass-through interest in the components of the Loan corresponding to the 2023 Securities and (b) have an expected life of approximately five years with a final repayment date in March 2053. The Series 2023-1A Securities and the Series 2023-1R Securities have interest rates of 5.490% and 5.735%, respectively. Subject to certain limited exceptions described below, no payments of principal will be required to be made on the components of the Loan corresponding to the 2023 Securities prior to the monthly payment date in March 2028, which is the anticipated repayment date for those components.
The 2018 Securities (a) represent a pass-through interest in the components of the Loan corresponding to the 2018 Securities and (b) have an expected life of approximately ten years with a final repayment date in March 2048. The Series 2018-1A Securities have an interest rate of 3.652% and the Series 2018-1R Securities have an interest rate of 4.459%. Subject to certain limited exceptions described below, no payments of principal will be required to be made on the components of the Loan corresponding to the 2018 Securities prior to the monthly payment date in March 2028, which is the anticipated repayment date for such components.
The AMT Asset Subs are required to make monthly payments of interest on the Loan. The debt service on the Loan will be paid solely from the cash flows generated from the operation of the Trust Sites held by the AMT Asset Subs.
The Loan is secured by (1) mortgages, deeds of trust and deeds to secure debt on substantially all of the Trust Sites and their operating cash flows, (2) a security interest in substantially all of the AMT Asset Subs’ personal property and fixtures and (3) the AMT Asset Subs’ rights under that certain management agreement among the AMT Asset Subs and SpectraSite Communications, LLC entered into in March 2013. American Tower Holding Sub, LLC (the “Guarantor”), whose only material assets are its equity interests in each of the AMT Asset Subs, and American Tower Guarantor Sub, LLC whose only material asset is its equity interests in the Guarantor, have each guaranteed repayment of the Loan and pledged their equity interests in their respective subsidiary or subsidiaries as security for such payment obligations.
Under the terms of the Loan Agreement, amounts due will be paid from the cash flows generated by the Trust Sites, which must be deposited into certain reserve accounts, and thereafter distributed, solely pursuant to the terms of the Loan Agreement. On a monthly basis, after payment of all required amounts under the Loan Agreement, including interest payments, subject to the conditions described below, the excess cash flows generated from the operation of such assets are released to the AMT Asset Subs, as applicable, which can then be distributed to, and used by, the Company.
In order to distribute any excess cash flow to the Company, the AMT Asset Subs must maintain a specified debt service coverage ratio (the “DSCR”), which is generally calculated as the ratio of the net cash flow (as defined in the applicable agreement) to the amount of interest, servicing fees and trustee fees required to be paid over the succeeding 12 months on the principal amount of the Loan that will be outstanding on the payment date following such date of determination. If the DSCR were equal to or below 1.30x (the “Cash Trap DSCR”) for any quarter, then all cash flow in excess of amounts required to make debt service payments, fund required reserves, pay management fees and budgeted operating expenses and make other payments required under the applicable transaction documents, referred to as excess cash flow, will be deposited into a reserve account (the “Cash Trap Reserve Account”) instead of being released to the AMT Asset Subs. The funds in the Cash Trap Reserve Account will not be released to the AMT Asset Subs unless the DSCR exceeds the Cash Trap DSCR for two consecutive calendar quarters.
Additionally, an “amortization period” commences if, as of the end of any calendar quarter, the DSCR is equal to or below 1.15x (the “Minimum DSCR”) and will continue to exist until the DSCR exceeds the Minimum DSCR for two consecutive calendar quarters. With respect to the Trust Securities, an “amortization period” also commences if, on the anticipated repayment date the component of the Loan corresponding to the applicable subclass of the Trust Securities has not been repaid in full, provided that such amortization period shall apply with respect to such component that has not been repaid in full. During an amortization period, all excess cash flow and any amounts then in the applicable Cash Trap Reserve Account would be applied to pay the principal of the Loan on each monthly payment date.
The Loan may be prepaid in whole or in part at any time, provided such payment is accompanied by the applicable prepayment consideration. If the prepayment occurs within (i) 36 months of the anticipated repayment date with respect to the 2018 Securities and (ii) 12 months of the anticipated repayment date for the 2023 Securities, no prepayment consideration is due.
The Loan Agreement includes operating covenants and other restrictions customary for transactions subject to rated securitizations. Among other things, the AMT Asset Subs are prohibited from incurring other indebtedness for borrowed money or further encumbering their assets subject to customary carve-outs for ordinary course trade payables and permitted encumbrances (as defined in the Loan Agreement). The organizational documents of the AMT Asset Subs contain provisions consistent with rating agency securitization criteria for special purpose entities, including the requirement that they maintain independent directors. The Loan Agreement also contains certain covenants that require the AMT Asset Subs to provide the trustee with regular financial reports and operating budgets, promptly notify such trustee of events of default and material breaches under the Loan Agreement and other agreements related to the Trust Sites and allow the trustee reasonable access to the sites, including the right to conduct site investigations.
A failure to comply with the covenants in the Loan Agreement could prevent the AMT Asset Subs from distributing excess cash flow to the Company. Furthermore, if the AMT Asset Subs were to default on the Loan, the trustee may seek to foreclose
upon or otherwise convert the ownership of all or any portion of the Trust Sites, in which case the Company could lose the revenue and cash flows associated with those assets.
Further, under the Loan Agreement, the AMT Asset Subs are required to maintain reserve accounts, including for ground rents, real estate and personal property taxes and insurance premiums, and, in certain circumstances under the Loan Agreement, to reserve a portion of advance rents from tenants on the Trust Sites. Based on the terms of the Loan Agreement, all rental cash receipts received for each month are reserved for the succeeding month and held in an account controlled by the applicable trustee and then released. The $69.0 million held in the reserve accounts with respect to the Trust Securitization as of December 31, 2025 is classified as Restricted cash on the Company’s accompanying consolidated balance sheets.
Other Subsidiary Debt—Each of the agreements governing the other subsidiary debt contains contractual covenants and other restrictions. Failure to comply with certain of the financial and operating covenants could constitute a default under the applicable debt agreement, which could result in, among other things, the amounts outstanding, including all accrued interest and unpaid fees, becoming immediately due and payable.
Bangladesh Term Loan—In March 2025, the Company entered into a 400.0 million BDT (approximately $3.3 million) term loan with a maturity date that is eight years from the date of the first draw thereunder (the “Bangladesh Term Loan”). On March 24, 2025, the Company borrowed 150.0 million BDT (approximately $1.2 million) under the Bangladesh Term Loan. The Bangladesh Term Loan bears interest at 13.50% per annum, subject to quarterly resets. Interest is payable quarterly. Any outstanding principal and accrued but unpaid interest will be due and payable in full at maturity. The Bangladesh Term Loan does not require amortization of principal and may be paid prior to maturity in whole or in part at the Company’s option without penalty or premium. As of December 31, 2025, 150.0 million BDT (approximately $1.2 million) was outstanding under the Bangladesh Term Loan.
CoreSite DE1 Note—On April 1, 2025, in connection with the Company’s acquisition of a multi-tenant data center facility in Denver, Colorado, in which it previously leased space (“DE1”), the Company entered into an agreement to pay $5.0 million of purchase price to the seller in monthly installments through March 31, 2028 (the “CoreSite DE1 Note”). The CoreSite DE1 Note accrues interest at the prime rate as announced by Bank of America, N.A plus 200 basis points. As of December 31, 2025, the interest rate was 9.50% per annum. Interest is payable monthly in arrears. Any outstanding principal and accrued but unpaid interest will be due and payable in full at maturity. The CoreSite DE1 Note may be paid prior to maturity in whole or in part at the Company’s option without penalty or premium, provided that if such prepayment is made prior to April 1, 2027, the Company is required to pay any additional interest which would have accrued under the CoreSite DE1 Note in the ordinary course through April 1, 2027. As of December 31, 2025, approximately $4.0 million was outstanding under the CoreSite DE1 Note.
Finance Lease Obligations—The Company’s finance lease obligations approximated $15.9 million and $16.6 million as of December 31, 2025 and 2024, respectively.
Maturities—Aggregate principal maturities of long-term debt, including finance leases, for the next five years and thereafter are expected to be:
| Fiscal Year | Amount | |||||||
| 2026 | $ | 3,387.8 | ||||||
| 2027 | 4,726.7 | |||||||
| 2028 | 7,513.2 | |||||||
| 2029 | 3,782.0 | |||||||
| 2030 | 4,925.3 | |||||||
| Thereafter | 13,099.9 | |||||||
| Total cash obligations | 37,434.9 | |||||||
| Unamortized discounts, premiums and debt issuance costs, net | (214.6) | |||||||
| Balance as of December 31, 2025 | $ | 37,220.3 | ||||||
About Debt Disclosures
Debt disclosures detail a company's borrowing structure — the types of instruments, interest rates, maturity schedule, and covenant restrictions that define its financial obligations and flexibility. This section is essential for assessing refinancing risk, interest rate exposure, and the margin of safety against financial distress.
Key signals: the maturity schedule reveals concentration risk — large maturities within 1-2 years during tight credit markets can force dilutive refinancing or asset sales. Compare the fair value of debt against carrying amount to gauge whether the market views the company's credit risk differently than the balance sheet suggests. Watch covenant compliance disclosures for tightening cushions, especially leverage and interest coverage ratios. Variable-rate debt exposure quantifies sensitivity to interest rate changes. Secured versus unsecured mix affects recovery rates and future borrowing capacity. Compare net debt-to-EBITDA against industry peers and covenant limits to assess financial health.