American Tower exchanges $11 million convertibles for stock

New York, Feb. 13 - American Tower Corp. exchanged $11 million principal amount of its 3.25% convertible notes due 2010 for stock and cash, according to an 8-K filing with the Securities and Exchange Commission.

The company issued 899,888 shares at the rate of 81.808 shares per $1,000 principal amount of notes, in line with the terms of the notes. In addition, it paid $1 million, calculated based on the accrued and unpaid interest on the notes and the discounted value of the future interest payments on the notes.

The conversions were carried out in December, the Boston-based owner and operator of broadcast and wireless communications sites said.

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