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American Tower Corp., Boston, completed a private placement of $584 million in debt securities, which it will use primarily for acquisitions and construction, the company said Oct. 8.
The deal comprised $300 million in 10-year notes, sold at face value and paying an interest rate of 6.25 percent. These are convertible to Class A common stock at a price of $24.40 per share.
American Tower also sold $425 million in 10-year notes at 70.52 percent of their face value and is paying an interest rate of 2.25 percent. These are convertible into the same class of company stock at a conversion price of $24.
