American Tower subsidiary seeks tenders, consents for 7¼% notes

By Laura Lutz

Des Moines, April 23 - American Tower Corp. subsidiary American Towers, Inc. launched a tender offer and consent solicitation for all of its $325.075 million outstanding principal amount of 7¼% senior subordinated notes due 2011.

The company is soliciting consents to eliminate most of the restrictive covenants and some events of default from the note indenture.

The offer will end at midnight ET on May 18, and the consent solicitation will expire at 5 p.m. ET on May 4.

For each $1,000 principal amount of notes tendered, the payout will be based on the yield to the first redemption date, which will be equal to the yield of a U.S. Treasury plus 50 basis points.

The payout will include a $30.00 consent payment for each $1,000 principal amount of notes tendered before the consent deadline. Notes tendered after the consent deadline will receive the payout, less the consent payment.

The company will also pay accrued interest.

Credit Suisse (collect 212 325-7596) is the dealer manager. D.F. King & Co., Inc. (800 967-7921 or collect 212 269-5550) is the information agent.

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

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