BOSTON-American Tower Corp. announced its American Towers Inc. subsidiary will sell $400 million principal amount of 7.25-percent senior subordinated notes due 2011 in an institutional private placement.
The company originally sought to issue $350 million of the notes. Net proceeds from the notes will be approximately $389.3 million, which American Tower plans to use to repay debt under its credit facilities, which the company is seeking to amend to permit the issuance of the notes.
