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Prospect News home > News index > List of issuers T > Headlines for Tenders 2005 > News item |
American Tower buys back $37 million 12¼% notes
New York, March 30 - American Tower Corp. said it bought back $37.0 million face amount of its 12¼% senior subordinated discount notes from Dec. 31 to March 25.
The company paid $27.9 million in cash for the notes, which had an accreted value of $22.6 million net of $1.6 million fair value allocated to the warrants.
The buyback follows repurchases of $309.7 million face amount of the notes during 2004 ($179.4 million accreted value, net of $14.7 million for the warrants) for $230.9 million in cash, $112.1 million principal amount of its 9 3/8% senior notes for $118.9 million in cash and $73.7 million principal amount of its 5% convertible notes for $73.3 million in cash.
Funding for the buybacks came from free cash flow, the Boston-based communications tower operator said.
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