American Tower calls $337 million of 9 3/8% notes

Pittsburgh, Aug. 20 - American Tower Corp. will redeem $337 million of its 9 3/8% senior notes at par plus an applicable premium and interest accrued to the Sept. 20 redemption date, according to a company news release.

The notes will be redeemed using $345 million in proceeds from the sale of American Tower's 3% convertible notes due 2012 and $25 million cash on hand.

The company expects the redemption to result in about $21.2 million in annual interest savings.

American Tower is a Boston-based communications tower owner and operator.

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