Newmont to redeem 6% convertibles

New York, Sept. 22 - Newmont Mining Corp. said it will redeem its $100 million principal amount of 6% convertible subordinated debentures due Jan. 4, 2005 originally issued by Battle Mountain Gold.

The Denver gold mining company will redeem the convertibles on Oct. 29 at par plus accrued interest.

"With the proceeds from the recent disposal of part of our investment in Kinross Gold and strong cash flow generation from our operations, we are in a position to accelerate our debt reduction efforts," said Bruce Hansen, Newmont's senior vice president and chief financial officer, in a news release. "The early repayment of these debentures is accretive to Newmont shareholders and is consistent with the company's strategic goal of debt reduction."

The securities are convertible into 25.45 shares of Newmont stock per $5,000 principal amount, according to a filing with the Securities and Exchange Commission. Newmont stock closed at $40.66 Friday.

American Tower to pay put on 2.25% convertibles in cash

New York, Sept. 22 - American Tower Corp. said it will pay the upcoming put on its 2.25% convertible notes due 2009 in cash.

The securities are putable on Oct. 22 at par plus accrued interest.

The Boston communications tower company has the option to pay the put in cash, class A common stock or a combination but announced Monday the put will be settled in cash.

If all notes are put back the company will have to pay $83.7 million.

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