American Tower buys back $202.1 million notes, convertibles

New York, Aug. 2 - American Tower Corp. said it bought back a total of $202.1 million face amount of its debt securities.

The company paid a total of $163.6 million in cash.

Of the total, $129.2 million was bought back in the second quarter and $72.9 million subsequently, the Boston-based tower operator said in a news release.

American Tower's repurchases were made up of $22.5 million of 5% convertible notes, $152.7 million face amount ($86.2 million accreted value) of 12¼% senior subordinated discount notes and $26.9 million of 9 3/8% senior notes.

For the transactions after the end of the quarter, American Tower paid $29.9 million to buy back discount notes and $20.3 million to buy back 9 3/8% notes.

The company expects to save $18 million in annualized interest expense from the buybacks.

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