New Issue: American Tower sells $225 million eight-year notes to yield 7½%

By Paul A. Harris

St. Louis, Jan. 26 - American Tower Corp. sold $225 million of senior notes due May 1, 2012 (Caa1/CCC) Monday at par to yield 7½%, a syndicate source said.

Price talk was 7% to 7¼%.

Credit Suisse First Boston ran the books on the Rule 144A issue. The co-managers included JP Morgan, Goldman, Sachs & Co., Citigroup, TD Securities, BNY Capital Markets, RBC Capital Markets, Scotia Capital, Credit Lyonnais Securities and Rabo Securities, with others expected to emerge.

The Boston-based wireless communications company plans to use proceeds to redeem the company's $212 million of 6¼% convertible notes due 2009 and a portion of its 5% convertible notes.

Issuer:	American Tower Corp.
Amount:	$225 million
Maturity:	May 1, 2012
Security description:	Senior notes
Bookrunner:	Credit Suisse First Boston
Coupon:	7½%
Price:	Par
Yield:	7½%
Spread:	354 basis points over the 4 3/8% Treasuries due August 2012
Call features:	Callable after May 1, 2008 at 103.750, 101.875, par on May 1, 2010 and thereafter
Equity clawback:	Until Feb. 1, 2007 at 107.50 for up to 35%
Pricing date:	Jan. 26
Settlement date:	Feb. 4 (T+7)
Ratings:	Moody's: Caa1
	Standard & Poor's: CCC
Price talk:	7%-7¼%

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