American Tower's planned $425 million mandatory convertible preferred talked 5.25%, up 25%

By Rebecca Melvin

New York, May 6 - American Tower Corp.'s planned $425 million of series A mandatory convertible preferred stock was talked at a fixed 5.25% dividend and 25% initial conversion premium ahead of final pricing seen after the market close Tuesday, a syndicate source said.

As previously reported, the convertible preferreds, with a liquidation preference of $100 each, have a $63.75 million over-allotment option.

Goldman Sachs & Co., BofA Merrill Lynch, Barclays and J.P. Morgan Securities LLC are the joint bookrunning managers.

On May 15, 2017, the preferred shares will automatically convert into common shares based on the average volume weighted average price over 20 consecutive trading days prior to the conversion date.

Holders of the preferred shares can choose to covert prior to the conversion date upon the occurrence of a fundamental change.

The Boston-based company will apply to list the new securities on the New York Stock Exchange under the ticker symbol "AMTPA."

American Tower manages, develops and leases communications and broadcast tower sites.

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