American Tower adjusts conversion rates for 5.25% convertibles

By Angela McDaniels

Tacoma, Wash., June 17 – American Tower Corp. made an adjustment to the conversion rates for its 5.25% mandatory convertible preferred stock, series A, according to a company news release.

The adjustment is being made in light of American Tower’s second-quarter common stock cash dividend of $0.53 per share and recognition of carried-forward adjustments relating to common stock cash dividends paid on July 16, 2014, Oct. 7, 2014, Jan. 13, 2015, April 28, 2015, July 16, 2015, Oct. 7, 2015, Jan. 13 and April 28, which adjustments were deferred and carried forward.

The minimum conversion rate is 0.9272, and the maximum conversion rate is 1.1591.

The issuer also made changes to the fundamental change conversion rates.

American Tower is a Boston-based real estate investment trust with a focus on multitenant communications real estate.

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