American Tower buys back $37 million 12¼% notes

New York, March 30 - American Tower Corp. said it bought back $37.0 million face amount of its 12¼% senior subordinated discount notes from Dec. 31 to March 25.

The company paid $27.9 million in cash for the notes, which had an accreted value of $22.6 million net of $1.6 million fair value allocated to the warrants.

The buyback follows repurchases of $309.7 million face amount of the notes during 2004 ($179.4 million accreted value, net of $14.7 million for the warrants) for $230.9 million in cash, $112.1 million principal amount of its 9 3/8% senior notes for $118.9 million in cash and $73.7 million principal amount of its 5% convertible notes for $73.3 million in cash.

Funding for the buybacks came from free cash flow, the Boston-based communications tower operator said.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.