American Tower Corporation Announces Completion of Redemption of Outstanding 3.00% Convertible Notes

American Tower Corporation (NYSE: AMT) announced on August 27, 2009 that it has completed its previously announced redemption of the remaining $162.2 million principal amount of its 3.00% convertible notes due August 15, 2012. In accordance with the conversion provisions of the notes and the indenture for the notes, holders of the notes had the right at any time until and including, but not after the close of business on August 26, 2009, to convert their notes into shares of the Company’s Class A common stock at a conversion rate of 48.7805 shares per $1,000 principal amount of notes. Holders of approximately $162.1 million of the notes converted their notes into an aggregate of 7,908,316 shares of the Company’s Class A common stock prior to redemption. In accordance with the redemption provisions of the notes and the indenture for the notes, approximately $0.1 million of the remaining notes were redeemed at a price equal to 101.125% of the principal amount, plus accrued and unpaid interest on the notes up to, but excluding, August 27, 2009. The Company financed the redemption through available cash on hand. Upon completion of this redemption, none of the 3.00% notes remained outstanding. Read more at http://budurl.com/amtwr