American Tower Corp. completed its private placement of $450 million principal amount of 5-percent convertible notes due 2010, issued at 100 percent of their face amount. The amount includes the initial purchaser’s exercise of their full option to purchase an additional $50 million aggregate principal amount of notes.
The company will pay interest on the notes on Feb. 15 and Aug. 15 of each year, beginning this year. American Tower also reported the notes are convertible to class A common stock at the option of the holder at a conversion price of $51.50 per share.
American Tower said it will use the estimated $438.3 million in net proceeds to repay bank borrowings, finance tower acquisitions, finance construction projects and for general working capital purposes.
