BOSTON-American Tower Corp. announced the closing of a public offering of 27 million shares
of Class A common stock at $25. Of the total number of shares, 25.7 million were sold by the company and 1.3 million
were sold by certain selling stockholders.
The net proceeds to the company from the offering were $619.3 million.
American Tower said it will use the money to finance construction activities, for pending and future acquisitions and
general working capital purposes.
Credit Suisse First Boston, BT Alex. Brown, Lehman Bros., Morgan Stanley
Dean Witter, Salomon Smith Barney, Bear Stearns & Co. Ltd., Merrill Lynch & Co. and NationsBanc Montgomery
Securities L.L.C. were the underwriters, said American Tower.
