American Tower buys back $192.5 million of 5% convertibles

By Laura Lutz

Washington, Feb. 21 - American Tower Corp. repurchased $192.505 million principal amount of its 5% convertible notes due 2010 following a Feb. 20 put.

The company paid par plus accrued interest in cash for the notes. It had the option of paying in cash, class A common stock or a combination of the two.

The repurchased notes represented about 76% of the $252.188 million principal amount of the notes that was previously outstanding.

As previously reported, the notes are convertible into 19.4175 class A shares per $1,000 principal amount, subject to adjustment.

American Tower is a Boston-based owner and operator of broadcast and wireless communications sites.

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