FiberTower to make next interest payment on 9% convertibles in kind

By Angela McDaniels

Tacoma, Wash., Oct. 6 - FiberTower Corp. will pay the Nov. 15 interest payment on its 9% convertible senior secured notes due 2012 in kind, according to an 8-K filing with the Securities and Exchange Commission.

The pay-in-kind interest rate is 11%.

As of June 30, the carrying value of the convertibles was $304.5 million, including $27.2 million in accreted value.

The company can also make the interest payments due in 2010 in kind.

San Francisco-based FiberTower provides backhaul and access services to communications companies.

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