American Tower greenshoe exercised, increasing convertibles to $210 million

New York, Aug. 18 - American Tower Corp. said underwriters of its recent offering of $175 million convertible notes due 2010 exercised the $35 million over-allotment option in full, raising the size of the deal to $210 million.

The Boston communications tower operator originally sold $175 million of the securities after the market closed on July 29 to yield 3.25% with a 37.5% initial conversion premium.

Goldman Sachs & Co. was lead manager for the Rule 144A offering.

For the greenshoe, $15.6 million of the net proceeds will be used to reduce outstanding borrowings under American Tower's credit facilities and the remaining $18.3 million will be held in a restricted account to fund repurchases of the company's outstanding debt securities.

At least half of the proceeds of the original deal was used to refinance credit facilities with the remainder going to repurchase debt.

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