American Tower calls 3.25% convertibles

By Jennifer Chiou

New York, July 15 - American Tower Corp. announced that it will redeem its remaining $4.7 million of 3.25% convertible notes due Aug. 1, 2010.

The company said that it will pay 100.929% plus accrued interest to the Aug. 6 redemption date.

The Boston-based communications tower operator said that holders have the right to convert their notes into American Tower class A common stock at a conversion rate of 81.8080 class A shares per $1,000 principal amount of notes.

The company said it intends to use available cash on hand to fund the redemption.

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