American Tower investors convert all 3.25% notes ahead of redemption

By Susanna Moon

Chicago, Aug. 6 - American Tower Corp. said holders converted all $4.7 million of outstanding 3.25% convertible notes due Aug. 1, 2010 ahead of redemption.

Investors converted their holdings into 384,332 common shares.

The conversion rate was 81.8080 American Tower class A common shares per $1,000 principal amount of notes.

The company's stock (NYSE: AMT) closed at $41.26 on Aug. 5.

The Boston-based communications tower operator previously said it will pay 100.929% plus accrued interest to the Aug. 6 redemption date.

The company said it planned to use available cash on hand to fund the redemption.

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