American Tower Corporation

11/09/2026 | Press release | Distributed by Public on 11/09/2026 15:45

Free Writing Prospectus (Form FWP)

Issuer Free Writing Prospectus

Filed pursuant to Rule 433

Registration Statement No. 333-287714

Final Term Sheet

AMERICAN TOWER CORPORATION

November 9, 2026

Issuer: American Tower Corporation ("AMT")
Coupon:

5.300% Senior Notes due 2031 (the "2031 Notes")

5.560% Senior Notes due 2033 (the "2033 Notes")

5.750% Senior Notes due 2036 (the "2036 Notes")

Principal Amount:

2031 Notes: $450,000,000 (which will be consolidated, form a single series and be fully fungible, with our outstanding $500,000,000 5.300% Senior Notes due 2031 issued on September 14, 2026)

2033 Notes: $500,000,000 (which will be consolidated, form a single series and be fully fungible, with our outstanding $500,000,000 5.560% Senior Notes due 2033 issued on September 14, 2026)

2036 Notes: $550,000,000 (which will be consolidated, form a single series and be fully fungible, with our outstanding $600,000,000 5.750% Senior Notes due 2036 issued on September 14, 2026)

Maturity Date:

2031 Notes: September 15, 2031

2033 Notes: September 15, 2033

2036 Notes: September 15, 2036

Benchmark Treasury:

2031 Notes: 4.750% due October 31, 2031

2033 Notes: 4.875% due October 31, 2033

2036 Notes: 4.625% due August 15, 2036

Benchmark Treasury Price and Yield:

2031 Notes: 100-12; 4.664%

2033 Notes: 100-23 ΒΌ; 4.751%

2036 Notes: 98-04+; 4.866%

Spread to Benchmark Treasury: 2031 Notes: T + 78 basis points
2033 Notes: T + 92 basis points
2036 Notes: T + 102 basis points
Yield to Maturity:

2031 Notes: 5.444%

2033 Notes: 5.671%

2036 Notes: 5.886%

Price to Public:

2031 Notes: 99.387% (plus $3,908,750.00 of accrued interest from September 14, 2026)

2033 Notes: 99.369% (plus $4,556,111.11 of accrued interest from September 14, 2026)

2036 Notes: 98.986% (plus $5,182,986.11 of accrued interest from September 14, 2026)

Ratings(1): Baa2 (Stable) / BBB+ (Stable) / BBB+ (Stable) (Moody's / S&P / Fitch)
Interest Payment Dates: 2031 Notes: Semi-annually on March 15 and September 15 of each year, commencing on March 15, 2027
2033 Notes: Semi-annually on March 15 and September 15 of each year, commencing on March 15, 2027
2036 Notes: Semi-annually on March 15 and September 15 of each year, commencing on March 15, 2027
Make-whole Call:

2031 Notes: Prior to August 15, 2031 (one month prior to their maturity date), at greater of par and make-whole at discount rate of Treasury plus 15 basis points

2033 Notes: Prior to July 15, 2033 (two months prior to their maturity date), at greater of par and make-whole at discount rate of Treasury plus 15 basis points

2036 Notes: Prior to June 15, 2036 (three months prior to their maturity date), at greater of par and make-whole at discount rate of Treasury plus 15 basis points

Par Call:

2031 Notes: At any time on or after August 15, 2031 (one month prior to their maturity date)

2033 Notes: At any time on or after July 15, 2033 (two months prior to their maturity date)

2036 Notes: At any time on or after June 15, 2036 (three months prior to their maturity date)

Trade Date: November 9, 2026
Settlement Date(2): November 13, 2026 (T+3)
CUSIP/ISIN:

2031 Notes: 03027XCT5 / US03027XCT54

2033 Notes: 03027XCU2 / US03027XCU28

2036 Notes: 03027XCV0 / US03027XCV01

Use of Proceeds: We intend to use the net proceeds from this offering to repay existing indebtedness under the 2021 Multicurrency Credit Facility and for general corporate purposes.
Capitalization: The "as adjusted" column in the "Capitalization" section of the Preliminary Prospectus Supplement gives effect to the receipt of approximately $1,474.9 million in net proceeds (excludes $13,647,847.22 of aggregate accrued interest for the notes), after deducting discounts and commissions payable to the underwriters and estimated expenses payable by us, and the use of $1,015.0 million to repay existing indebtedness under the 2021 Multicurrency Credit Facility and approximately $459.9 million for general corporate purposes.
Joint Book-Running Managers:

TD Securities (USA) LLC

ING Financial Markets LLC

Mizuho Securities USA LLC

RBC Capital Markets, LLC

SMBC Nikko Securities America, Inc.

Senior Co-Managers:

BBVA Securities Inc.

BNP Paribas Securities Corp.

BofA Securities, Inc.

Citigroup Global Markets Inc.

Credit Agricole Securities (USA) Inc.

J.P. Morgan Securities LLC

Morgan Stanley & Co. LLC

PNC Capital Markets LLC

Scotia Capital (USA) Inc.

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Co-Managers:

Chatham Financial Securities LLC

Lloyds Securities Inc.

U.S. Bancorp Investments, Inc.

(1)

These securities ratings have been provided by Moody's, S&P and Fitch. None of these ratings is a recommendation to buy, sell or hold these securities. Each rating may be subject to revision or withdrawal at any time, and should be evaluated independently of any other rating.

(2)

We expect that the delivery of the notes will be made against payment on November 13, 2026, which is the third business day following the date of this Final Term Sheet (this settlement cycle being referred to as "T+3"). Under Rule 15c6-1 of the Securities Exchange Act of 1934, as amended, trades in the secondary market generally are required to settle in one business day, unless the parties to the trade expressly agree otherwise. Accordingly, purchasers who wish to trade the notes prior to their date of delivery may be required, by virtue of the fact that the notes initially will settle in T+3, to specify an alternate settlement cycle at the time of any such trade to prevent a failed settlement and should consult their own advisors.

The information in this Final Term Sheet supplements the Preliminary Prospectus Supplement dated November 9, 2026 of AMT (the "Preliminary Prospectus Supplement") and supersedes the information in the Preliminary Prospectus Supplement to the extent inconsistent with the information in the Preliminary Prospectus Supplement. Defined terms used and not defined herein have the meaning ascribed to them in the Preliminary Prospectus Supplement.

AMT has filed a registration statement (including a prospectus) with the SEC for the offering to which this communication relates. Before you invest, you should read the prospectus in that registration statement and other documents the issuer has filed with the SEC for more complete information about the issuer and this offering. You may get these documents for free by visiting EDGAR on the SEC Web site at www.sec.gov. Alternatively, the joint book-running managers can arrange to send you the prospectus if you request it by calling TD Securities (USA) LLC at +1-855-495-9846, ING Financial Markets LLC at 1-877-446-4930, Mizuho Securities USA LLC at 1-866-271-7403, RBC Capital Markets, LLC at 1-866-375-6829 and SMBC Nikko Securities America, Inc. at 1-888-868-6856.

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American Tower Corporation published this content on November 09, 2026, and is solely responsible for the information contained herein. Distributed via EDGAR on November 09, 2026 at 21:45 UTC. If you believe the information included in the content is inaccurate or outdated and requires editing or removal, please contact us at [email protected]