In this paper, a new multi- cell MMSE precoder is proposed for massive MIMO systems. We consider a multi- cell network where each cell has K users and B orthogonal pilot sequences are available, with B = beta K and beta >= 1 being the pilot reuse factor over the network. In comparison with conventional single- cell precoding which only uses the K intra- cell channel estimates, the proposed multi-cell MMSE precoder utilizes all B channel directions that can be estimated locally at a base station, so that the transmission is designed spatially to suppress both parts of the inter-cell and intra-cell interference. To evaluate the performance, a large-scale approximation of the downlink SINR for the proposed multi-cell MMSE precoder is derived and the approximation is tight in the large-system limit. Power control for the pilot and payload, imperfect channel estimation and arbitrary pilot allocation are accounted for in our precoder. Numerical results show that the proposed multi-cell MMSE precoder achieves a significant sum spectral efficiency gain over the classical single-cell MMSE precoder and the gain increases as K or beta grows. Compared with the recent M-ZF precoder, whose performance degrades drastically for a large K, our M-MMSE can always guarantee a high and stable performance. Moreover, the large-scale approximation is easy to compute and shown to be accurate even for small system dimensions.