American Tower greenshoe ups 5.25% convertible sale to $580 million

By Tali Rackner

Norfolk, Va., May 12 - Underwriters for American Tower Corp.'s 5.25% series A mandatory convertible preferred stock exercised their over-allotment option in full, adding an additional $70 million, according to an 8-K filed with the Securities and Exchange Commission.

The company priced $510 million of the convertibles on May 6.

As previously reported, Goldman Sachs & Co., BofA Merrill Lynch, Barclays and J.P. Morgan Securities LLC were the joint bookrunning managers of the offering.

Proceeds will be used to fund recent acquisitions, including Richland Properties LLC and other related entities initially funded by debt. Remaining proceeds will be used for general corporate purposes.

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

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.