This paper focuses on developing a decentralized framework for coordinated minimum power beamforming wherein $L$ base stations (BSs), each equipped with $N$ antennas, serve $K$ single-antenna users with specific rate constraints. This is realized by considering user specific intercell interference (ICI) strength as the principal coupling parameter among BSs. First, explicit deterministic expressions for transmit powers are derived for spatially correlated channels in the asymptotic regime in which $N$ and $K$ grow large with a non-trivial ratio $K/N$ . These asymptotic expressions are then used to compute approximations of the optimal ICI values that depend only on the channel statistics. By relying on the approximate ICI values as coordination parameters, a distributed non-iterative coordination algorithm, suitable for large networks with limited backhaul, is proposed. A heuristic algorithm is also proposed relaxing coordination requirements even further as it only needs pathloss values for non-local channels. The proposed algorithms satisfy the target rates for all users even when $N$ and $K$ are relatively small. Finally, the potential benefits of grouping users with similar statistics are investigated to further reduce the overhead and computational effort of the proposed solutions. Simulation results show that the proposed methods yield near-optimal performance.