v3.25.2
LONG-TERM OBLIGATIONS
 6 Months Ended
Jun. 30, 2025
Debt Disclosure [Abstract]  
LONG-TERM OBLIGATIONS LONG-TERM OBLIGATIONS
Outstanding amounts under the Company’s long-term obligations, reflecting discounts, premiums and debt issuance costs, consisted of the following:
As of
June 30, 2025December 31, 2024Maturity Date
2021 Multicurrency Credit Facility (1)$750.0 $— January 28, 2028
2021 Term Loan (1)997.7 997.9 January 28, 2028
2021 Credit Facility (1)815.0 — January 28, 2030
2.950% senior notes (2)
— 650.0 N/A
2.400% senior notes (3)
— 749.7 N/A
1.375% senior notes (4) (5)
— 517.3 N/A
4.000% senior notes (6)
— 749.4 N/A
1.300% senior notes
499.8 499.3 September 15, 2025
4.400% senior notes
499.6 499.3 February 15, 2026
1.600% senior notes
699.1 698.5 April 15, 2026
1.950% senior notes (5)
588.4 516.4 May 22, 2026
1.450% senior notes
598.2 597.4 September 15, 2026
3.375% senior notes
997.5 996.6 October 15, 2026
3.125% senior notes
399.4 399.3 January 15, 2027
2.750% senior notes
748.5 748.0 January 15, 2027
0.450% senior notes (5)
882.2 774.1 January 15, 2027
0.400% senior notes (5)
587.4 515.0 February 15, 2027
3.650% senior notes
647.2 646.4 March 15, 2027
4.125% senior notes (5)
705.1 618.5 May 16, 2027
3.55% senior notes
748.3 747.9 July 15, 2027
3.600% senior notes
697.4 697.0 January 15, 2028
0.500% senior notes (5)
880.8 772.6 January 15, 2028
1.500% senior notes
648.2 647.8 January 31, 2028
5.500% senior notes
695.7 695.0 March 15, 2028
5.250% senior notes
645.8 645.2 July 15, 2028
5.800% senior notes
745.2 744.6 November 15, 2028
5.200% senior notes
644.4 643.7 February 15, 2029
3.950% senior notes
595.4 594.8 March 15, 2029
0.875% senior notes (5)
880.9 773.0 May 21, 2029
3.800% senior notes
1,641.4 1,640.5 August 15, 2029
2.900% senior notes
745.6 745.1 January 15, 2030
5.000% senior notes
593.8 593.2 January 31, 2030
4.900% senior notes
644.2 — March 15, 2030
3.900% senior notes (5)
585.0 512.9 May 16, 2030
2.100% senior notes
744.6 744.1 June 15, 2030
0.950% senior notes (5)
584.6 512.6 October 5, 2030
1.875% senior notes
794.7 794.3 October 15, 2030
2.700% senior notes
696.0 695.6 April 15, 2031
4.625% senior notes (5)
583.8 511.7 May 16, 2031
2.300% senior notes
694.0 693.6 September 15, 2031
1.000% senior notes (5)
761.2 667.6 January 15, 2032
4.050% senior notes
644.0 643.7 March 15, 2032
3.625% senior notes (5)
585.7 — May 30, 2032
5.650% senior notes
791.9 791.4 March 15, 2033
1.250% senior notes (5)
584.1 512.1 May 21, 2033
5.550% senior notes
841.8 841.4 July 15, 2033
5.900% senior notes
742.5 742.2 November 15, 2033
5.450% senior notes
641.0 640.6 February 15, 2034
4.100% senior notes (5)
582.5 510.5 May 16, 2034
5.400% senior notes
592.2 591.9 January 31, 2035
5.350% senior notes
346.2 — March 15, 2035
3.700% senior notes
592.7 592.6 October 15, 2049
3.100% senior notes
1,039.0 1,038.8 June 15, 2050
2.950% senior notes
1,024.2 1,023.8 January 15, 2051
Total American Tower Corporation debt 35,673.9 34,174.9 
Series 2015-2 notes (7)— 524.7 N/A
Series 2018-1A securities (8)497.9 497.6 March 15, 2028
Series 2023-1A securities (9)1,289.8 1,288.0 March 15, 2028
Other subsidiary debt (10)6.0 — Various
Total American Tower subsidiary debt1,793.7 2,310.3 
Finance lease obligations16.9 16.6 
Total37,484.5 36,501.8 
Less current portion of long-term obligations(2,290.8)(3,693.0)
Long-term obligations$35,193.7 $32,808.8 
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(1)Accrues interest at a variable rate.
(2)Repaid in full on January 14, 2025 using cash on hand and borrowings under the 2021 Multicurrency Credit Facility (as defined below).
(3)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).
(4)Repaid in full on April 3, 2025 using borrowings under the 2021 Multicurrency Credit Facility and cash on hand.
(5)Notes are denominated in Euro (“EUR”).
(6)Repaid in full on May 30, 2025 using borrowings under the 2021 Credit Facility and cash on hand.
(7)Repaid in full on June 16, 2025 using borrowings under the 2021 Multicurrency Credit Facility and cash on hand.
(8)Maturity date reflects the anticipated repayment date; final legal maturity is March 15, 2048.
(9)Maturity date reflects the anticipated repayment date; final legal maturity is March 15, 2053.
(10)As of June 30, 2025, includes the Bangladesh Term Loan and the CoreSite DE1 Note (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 1.300% senior unsecured notes due September 15, 2025, (ii) $500.0 million aggregate principal amount of the Company’s 4.400% senior unsecured notes due February 15, 2026, (iii) $700.0 million aggregate principal amount of the Company’s 1.600% senior unsecured notes due April 15, 2026 and (iv) 500.0 million EUR aggregate principal amount of the Company’s 1.950% senior unsecured notes due May 22, 2026.
Securitized Debt—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 securitizations. 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.
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 April 4, 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 June 1, 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.
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 “4.900%
Notes”) and $350.0 million aggregate principal amount of 5.350% senior unsecured notes due 2035 (the “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.
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,” and, collectively with the 4.900% Notes and the 5.350% Notes, the “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.
The key terms of the Notes are as follows:
Senior NotesAggregate Principal Amount (in millions)Issue Date and Interest Accrual DateMaturity DateContractual Interest RateFirst Interest PaymentInterest Payments Due (1)Par Call Date (2)
4.900% Notes
$650.0 March 14, 2025March 15, 2030
4.900%
September 15, 2025March 15 and September 15February 15, 2030
5.350% Notes
$350.0 March 14, 2025March 15, 2035
5.350%
September 15, 2025March 15 and September 15December 15, 2034
3.625% Notes
(3)$567.4 May 30, 2025May 30, 2032
3.625%
May 30, 2026May 30March 30, 2032
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(1)Accrued and unpaid interest on U.S. Dollar (“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 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.
(2)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.
(3)The 3.625% Notes are denominated in EUR; dollar amounts represent the equivalent issuance date aggregate principal amount.
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 Notes at a purchase price equal to 101% of the aggregate principal amount of the Notes repurchased, 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 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.
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 six months ended June 30, 2025, the Company borrowed an aggregate of $1.5 billion, including 492.0 million EUR ($529.1 million as of the borrowing date) and repaid an aggregate of $0.8 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, and for general corporate purposes.
2021 Credit Facility—During the six months ended June 30, 2025, the Company borrowed an aggregate of $2.1 billion and repaid an aggregate of $1.3 billion of revolving indebtedness under the 2021 Credit Facility. The Company used the borrowings to repay outstanding indebtedness, including the 4.000% Notes, and for general corporate purposes.
As of June 30, 2025, the key terms under the 2021 Multicurrency Credit Facility, the 2021 Credit Facility and the 2021 Term Loan were as follows:
Outstanding Principal Balance
(in millions)		Undrawn letters of credit
(in millions)		Maturity DateCurrent margin over SOFR or EURIBOR (1)Current commitment fee (2)
2021 Multicurrency Credit Facility$750.0 $6.3 January 28, 2028(3)1.000 %0.110 %
2021 Credit Facility815.0 29.8 January 28, 2030(3)1.000 %0.110 %
2021 Term Loan1,000.0 N/AJanuary 28, 20281.000 %N/A
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(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.
Bangladesh Term Loan—In March 2025, the Company entered into a 400.0 million Bangladeshi Taka (“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.
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 June 30, 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.