v3.26.1
LONG-TERM OBLIGATIONS
 6 Months Ended
Jun. 30, 2026
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, 2026December 31, 2025Maturity Date
2021 Multicurrency Credit Facility (1)$1,085.0 $380.0 May 1, 2029
2021 Term Loan (1)997.9 998.1 May 1, 2029
2021 Credit Facility (1)695.0 — May 1, 2031
4.400% senior notes (2)
— 499.9 N/A
1.600% senior notes (3)
— 699.7 N/A
1.950% senior notes (4)
— 586.9 N/A
1.450% senior notes (5)
599.7 598.9 September 15, 2026
3.375% senior notes (5)
999.4 998.5 October 15, 2026
3.125% senior notes (5)
399.8 399.6 January 15, 2027
2.750% senior notes (5)
749.4 749.0 January 15, 2027
0.450% senior notes (5) (6)
856.0 879.7 January 15, 2027
0.400% senior notes (5) (6)
570.4 585.8 February 15, 2027
3.650% senior notes (5)
648.8 648.0 March 15, 2027
4.125% senior notes (5) (6) (7)
399.2 703.1 May 16, 2027
3.55% senior notes
749.1 748.7 July 15, 2027
3.600% senior notes
698.4 697.9 January 15, 2028
0.500% senior notes (6)
854.7 878.3 January 15, 2028
1.500% senior notes
648.9 648.5 January 31, 2028
5.500% senior notes
697.2 696.5 March 15, 2028
5.250% senior notes
647.1 646.4 July 15, 2028
5.800% senior notes
746.5 745.9 November 15, 2028
5.200% senior notes
645.8 645.1 February 15, 2029
3.950% senior notes
596.6 596.0 March 15, 2029
0.875% senior notes (6)
854.4 878.2 May 21, 2029
3.800% senior notes
1,643.4 1,642.4 August 15, 2029
2.900% senior notes
746.5 746.0 January 15, 2030
5.000% senior notes
595.1 594.4 January 31, 2030
4.900% senior notes
848.2 848.0 March 15, 2030
3.900% senior notes (6)
567.6 583.3 May 16, 2030
2.100% senior notes
745.7 745.2 June 15, 2030
0.950% senior notes (6)
567.3 583.1 October 5, 2030
1.875% senior notes
795.7 795.2 October 15, 2030
2.700% senior notes
696.6 696.3 April 15, 2031
4.625% senior notes (6)
566.4 582.2 May 16, 2031
2.300% senior notes
694.9 694.5 September 15, 2031
1.000% senior notes (6)
738.2 758.8 January 15, 2032
4.050% senior notes
644.8 644.4 March 15, 2032
3.625% senior notes (6)
567.9 583.9 May 30, 2032
4.700% senior notes
840.9 840.4 December 15, 2032
5.650% senior notes
792.8 792.3 March 15, 2033
1.250% senior notes (6)
566.4 582.4 May 21, 2033
5.550% senior notes
842.6 842.2 July 15, 2033
4.000% senior notes (6)
848.3 — September 1, 2033
5.900% senior notes
743.2 742.9 November 15, 2033
5.450% senior notes
641.9 641.5 February 15, 2034
4.100% senior notes (6)
564.9 580.8 May 16, 2034
5.400% senior notes
592.9 592.5 January 31, 2035
5.350% senior notes
731.1 731.4 March 15, 2035
3.700% senior notes
592.9 592.8 October 15, 2049
3.100% senior notes
1,039.3 1,039.1 June 15, 2050
2.950% senior notes
1,024.9 1,024.5 January 15, 2051
Total American Tower Corporation debt 35,379.7 35,409.2 
Series 2018-1A securities (8)498.7 498.3 March 15, 2028
Series 2023-1A securities (9)1,293.6 1,291.7 March 15, 2028
Other subsidiary debt (10)3.2 5.2 Various
Total American Tower subsidiary debt1,795.5 1,795.2 
Finance lease obligations14.4 15.9 
Total37,189.6 37,220.3 
Less current portion of long-term obligations(5,226.5)(3,387.8)
Long-term obligations$31,963.1 $33,832.5 
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(1)Accrues interest at a variable rate.
(2)Repaid in full on February 13, 2026 using borrowings under the 2021 Credit Facility (as defined below) and cash on hand.
(3)Repaid in full on April 14, 2026 using borrowings under the 2021 Credit Facility and cash on hand.
(4)Repaid in full on May 21, 2026 using borrowings under the 2021 Multicurrency Credit Facility.
(5)Included in Current portion of long-term obligations.
(6)Notes are denominated in Euro (“EUR”).
(7)Partially redeemed on June 18, 2026 using proceeds from the issuance of the 4.000% Notes (as defined below).
(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, 2026 includes debt entered into by the Company’s Data Centers business in connection with an acquisition of a multi-tenant data facility in Denver, Colorado, which is denominated in U.S. Dollars and is payable in monthly installments through March 31, 2028. As of December 31, 2025 also included borrowings under an unsecured term loan in Bangladesh, which was denominated in Bangladeshi Taka (the “Bangladesh Term Loan”). The Bangladesh Term Loan was assumed by the buyer in the sale of the Company’s noncontrolling interest in KTBL.
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 related costs 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.
Repayments of Senior Notes
Repayment of 4.400% Senior Notes—On February 13, 2026, the Company repaid $500.0 million aggregate principal amount of the Company’s 4.400% senior unsecured notes due 2026 (the “4.400% Notes”) upon their maturity. The 4.400% Notes were repaid using borrowings under the 2021 Credit Facility and cash on hand. Upon completion of the repayment, none of the 4.400% Notes remained outstanding.
Repayment of 1.600% Senior Notes—On April 14, 2026, the Company repaid $700.0 million aggregate principal amount of the Company’s 1.600% senior unsecured notes due 2026 (the “1.600% Notes”) upon their maturity. The 1.600% Notes were repaid using borrowings under the 2021 Credit Facility and cash on hand. Upon completion of the repayment, none of the 1.600% Notes remained outstanding.
Repayment of 1.950% Senior Notes—On May 21, 2026, the Company repaid 500.0 million EUR aggregate principal amount of the Company’s 1.950% senior unsecured notes due 2026 (the “1.950% Notes”) upon their maturity. The 1.950% Notes were repaid using borrowings under the 2021 Multicurrency Credit Facility. Upon completion of the repayment, none of the 1.950% Notes remained outstanding.
Partial Redemption of 4.125% Senior Notes—On June 18, 2026, the Company redeemed 250.0 million EUR of its 4.125% senior unsecured notes due 2027 (the “4.125% Notes”) at a price equal to 100.969%, plus accrued and unpaid interest up to, but excluding June 18, 2026, for an aggregate redemption price of approximately 253.3 million EUR (approximately $290.2 million as of the repayment date), including 0.9 million EUR (approximately $1.0 million as of the repayment date) in accrued and unpaid interest. The Company recorded a loss on retirement of long-term obligations of approximately $3.2 million, which included prepayment consideration of $2.8 million and the associated unamortized discount and deferred financing costs. The redemption was funded with proceeds from the issuance of the 4.000% Notes. Upon completion of this partial redemption, 350.0 million EUR aggregate principal amount of the 4.125% Notes remained outstanding.
Offerings of Senior Notes
4.000% Senior Notes Offering—On May 27, 2026, the Company completed a registered public offering of 750.0 million EUR (approximately $872.0 million at the date of issuance) aggregate principal amount of 4.000% senior unsecured notes due 2033 (the “4.000% Notes”). The net proceeds from this offering were approximately 742.7 million EUR (approximately $863.5 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 to partially redeem the 4.125% Notes (as discussed above).
The key terms of the 4.000% 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)
4.000% Notes (3)
$872.0 May 27, 2026September 1, 2033
4.000%
September 1, 2026September 1July 1, 2033
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(1)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.
(2)The Company may redeem the 4.000% Notes at any time, in whole or in part, at a redemption price equal to 100% of the principal amount of the 4.000% Notes plus a make-whole premium, together with accrued interest to the redemption date. If the Company redeems the 4.000% Notes on or after the par call date, the Company will not be required to pay a make-whole premium.
(3)The 4.000% Notes are denominated in EUR; dollar amounts represent the aggregate principal amount at the issuance date.
If the Company undergoes a change of control and corresponding ratings decline, each as defined in the supplemental indenture for the 4.000% Notes, the Company may be required to repurchase all of the 4.000% Notes at a purchase price equal to 101% of the aggregate principal amount of the 4.000% Notes repurchased, plus accrued and unpaid interest (including additional interest, if any), up to but not including the repurchase date. The 4.000% 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.
The 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 supplemental indenture.
Bank Facilities
Amendments to Bank Facilities—On May 7, 2026, the Company amended its (i) $6.0 billion senior unsecured multicurrency revolving credit facility, as amended and restated on December 8, 2021, as further amended, (the “2021 Multicurrency Credit Facility”), (ii) $4.0 billion senior unsecured revolving credit facility, as amended and restated on December 8, 2021, as further amended, (the “2021 Credit Facility”) and (iii) $1.0 billion unsecured term loan, as amended and restated on December 8, 2021, as further amended (the “2021 Term Loan” collectively with the 2021 Multicurrency Credit Facility and the 2021 Credit Facility, the “Loans”).
These amendments, among other things,
i.extend the maturity dates of the 2021 Multicurrency Credit Facility, the 2021 Credit Facility and the 2021 Term Loan to May 1, 2029, May 1, 2031 and May 1, 2029, respectively;
ii.include limited conditionality provisions in the 2021 Multicurrency Credit Facility, permitting the Company to borrow up to $5.0 billion in connection with certain acquisitions subject to such limited conditionality provisions;
iii.increase the swingline sublimit under each of the 2021 Multicurrency Credit Facility and the 2021 Credit Facility from $50.0 million to $100.0 million;
iv.amend the covenant governing the incurrence of liens under each of the Loans to permit the incurrence of liens securing indebtedness in an aggregate amount not to exceed the 3.5x ratio of Senior Secured Debt to Adjusted EBITDA (each as defined in each of the Loans); and
v.amend the covenant governing the incurrence of indebtedness under each of the Loans to restrict the incurrence of indebtedness to subsidiaries of the Company only.
2021 Multicurrency Credit Facility—During the six months ended June 30, 2026, the Company borrowed an aggregate of $2.3 billion, including 500.0 million EUR ($581.1 million as of the borrowing date) and repaid an aggregate of $1.6 billion, including 500.0 million EUR ($581.1 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 1.950% Notes, and for general corporate purposes.
2021 Credit Facility—During the six months ended June 30, 2026, the Company borrowed an aggregate of $1.3 billion and repaid an aggregate of $0.6 billion of revolving indebtedness under the 2021 Credit Facility. The Company used the borrowings to repay outstanding indebtedness, including the 4.400% Notes and the 1.600% Notes, and for general corporate purposes.
As of June 30, 2026, the key terms under the Loans 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$1,085.0 $18.7 May 1, 2029(3)0.875%0.100%
2021 Credit Facility695.0 20.7 May 1, 2031(3)0.875%0.100%
2021 Term Loan1,000.0 N/AMay 1, 20290.875%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.