American Tower sets pricing in tender for 7¼% notes

By Jennifer Chiou

New York, May 3 - American Tower Corp. subsidiary American Towers, Inc. set pricing in the tender offer and consent solicitation for all of its $325.075 million of 7¼% senior subordinated notes due 2011.

For each $1,000 principal amount of notes tendered, the payout will be $1,044.56, which was based on the yield to the first redemption date, which will be equal to the yield of a U.S. Treasury plus 50 basis points.

The payout includes a $30.00 consent payment for each $1,000 principal amount of notes tendered before the consent deadline. Notes tendered after the consent deadline will receive the payout, less the consent payment.

The company will also pay accrued interest.

As of 5 p.m. ET on May 2, holders of 25.5% of the notes had tendered their securities.

The company is soliciting consents to eliminate most of the restrictive covenants and some events of default from the note indenture.

The offer will end at midnight ET on May 18, and the consent solicitation will expire at 5 p.m. ET on May 4. It began on April 23.

Credit Suisse (collect 212 325-7596) is the dealer manager. D.F. King & Co., Inc. (800 967-7921 or collect 212 269-5550) is the information agent.

American Tower is a Boston-based owner and operator of broadcast and wireless communications sites.

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