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American Tower to refinance 9 3/8% notes with convertible offering proceeds
Pittsburgh, Aug. 16 - American Tower Corp. will use all $300 million in net proceeds from its offering of convertible notes due 2012 to refinance a portion of its outstanding 9 3/8% senior notes due 2009, according to a company news release.
The company will refinance the notes through either a redemption or buyback, the release said.
American Tower is expected to grant a $45 million greenshoe to the underwriters of its convertible offering, which is expected to close in late August.
The company is a Boston-based tower operator.
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