BOSTON-American Tower Corp. has priced the public note offering and the convertible note offering it announced earlier this week.
The company will sell $175 million principal amount of its 3.25-percent convertible notes due 2010 through an institutional private placement. Initial buyers also have an option to purchase an additional $35 million of the notes. The notes are convertible into shares of Class A common stock at a rate of 81.8 shares per $1,000 principal amount of notes, or approximately $12.22 per share. The offering, expected to garner up to $202.7 million, will close Aug. 4.
In addition, American Tower has priced the sale of 12.4 million shares of Class A common stock at $8.89 per share. Underwriters have an option to purchase an additional 1.86 million shares. Net proceeds could be up to $120.6 million for the offering, also expected to close Aug. 4.
American Tower was trading up slightly at $9.09 per share following the announcements.
