American Tower to price $400 million five-year units Wednesday

By Paul A. Harris

St. Louis, Jan. 21 - American Tower Corp. is expected to price $400 million of units on Wednesday, according to a syndicate source.

The Rule 144A units are made up of senior subordinated discount notes due 2008 and warrants.

Credit Suisse First Boston is the bookrunner. Goldman, Sachs & Co. is the co-manager.

Proceeds will be used to reduce the term loans outstanding under its credit facilities and to repurchase its 2¼% convertible notes.

The issuer is a Boston-based infrastructure company servicing the wireless, Internet and broadcasting industries.

American Tower said the offering is expected to close later this month. It will then put the net proceeds in escrow pending the consent of the lenders under its credit facilities. The credit facilities need to be amended to allow the company to make the units offering and to use up to $216 million of cash on hand and offering proceeds to repurchase the convertibles.

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