New Issue: American Tower $300 million convertible overnighter at 3.0%, up 38.5%

By Ronda Fears

Nashville, Aug. 16 - American Tower Inc. sold $300 million of eight-year convertible senior unsecured notes after the close Monday with a 3.0% coupon and 38.5% initial conversion premium via sole bookrunner Goldman Sachs & Co.

The Rule 144A issue has takeover protection in the way of a premium make-whole provision.

The Boston-based communications tower owner and operator plans to use proceeds to refinance a portion of its outstanding 9 3/8% senior notes due 2009 either through redemption or repurchases.

Terms of the deal are:

Issuer:	American Tower Inc.
Issue:	Convertible senior notes
Bookrunners:	Goldman Sachs & Co.
Amount:	$300 million
Greenshoe:	$45 million
Maturity:	August 2012
Coupon:	3.0%
Price:	Par
Yield:	3.0%
Conversion premium:	38.5%
Conversion price:	$20.50
Conversion ratio:	48.7805
Call:	Non-callable for 5 years
Dividend protection:	Unknown
Takeover protection:	Yes, premium make-whole
Price talk:	Not applicable
Pricing date:	Aug. 16, after the close
Settlement date:	August
Distribution:	Rule 144A

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