American Tower to redeem all remaining 3% convertible notes on Aug. 27

By Devika Patel

Knoxville, Tenn., Aug. 6 - American Tower Corp. said it has called all of its remaining $162.2 million in 3% convertible notes due Aug. 15, 2012.

The company will pay 101.125 for the notes, plus interest up to, but excluding, the redemption date of Aug. 27. It will use cash on hand to fund the redemption.

Investors may convert their securities up to the close of business on Aug. 26 at a conversion rate of 48.7805 class A common shares per $1,000 in notes.

American Tower is a Boston-based communications tower operator. Its shares (NYSE: AMT) closed at $3.98 on Aug. 5.

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