American Tower adjusts conversion rates for 5.25% convertibles

By Wendy Van Sickle

Columbus, Ohio, May 2 – American Tower Corp. is adjusting the conversion rates for its 5.25% mandatory convertible preferred stock, series A, according to a company news release.

The adjustment is being made in connection with an early conversion on April 27 and in recognition of carried-forward adjustments relating to common stock cash dividends paid on Oct. 17, 2016, Jan. 13 and April 28.

The minimum conversion rate is 0.9337, and the maximum conversion rate is 1.1672.

The issuer also made changes to the fundamental change conversion rates.

American Tower is a Boston-based real estate investment trust with a focus on multitenant communications real estate.

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