BOSTON-American Tower Corp. said it will commence a public offering of 12.4 million shares of Class A common stock for $114.4 million in net proceeds, which it will use to repurchase outstanding debt securities or to make equity contributions to borrower subsidiaries for general corporate purposes.
American Tower is also seeking to raise $175 million through the private placement of convertible notes due 2010. The company plans to allow initial purchasers of the notes to purchase up to an additional $35 million principal amount of the notes. Half of the net proceeds from that offering, expected to close in August, will go toward refinancing a portion of outstanding debt under the company’s credit facilities, with the remainder going toward the repurchase of outstanding debt securities.
