American Tower closes stock, notes offerings

BOSTON-American Tower Corp. has closed its previously announced offerings of Class A common stock and 3.25-percent convertible notes due 2010.

With the closing of the Class A common stock offering, American Tower issued 12.4 million shares for $104.8 million. The underwriters exercised their option to purchase an additional 1.86 million shares, expected to close Aug. 6, after which net proceeds will total $120.6 million, which will be used to repurchase outstanding debt securities or to make equity contributions to borrower subsidiaries.

At the closing of the 3.25-percent convertible notes, American Tower issued $175 million aggregate principal amount of the notes due 2010. Net proceeds were $168.8 million, which will be used to repay $84.4 million of debt and to repurchase outstanding debt securities. Initial purchasers have 30 days to purchase an additional $35 million principal amount of the notes.