American Tower holders convert $150.8 million of 3% convertibles

By Angela McDaniels

Tacoma, Wash., Oct. 21 - American Tower Corp. said it issued 7,357,850 shares of its class A common stock upon conversion of $150.8 million of its 3% convertible senior unsecured notes due Aug. 15, 2012.

The conversions were made between July 1 and Oct. 21, according to an 8-K filing with the Securities and Exchange Commission.

The company said it paid the holders $3.9 million in connection with the conversions, calculated based on the discounted value of the future interest payments on the notes.

About $194.1 million of the convertibles remain outstanding.

And as previously reported, the company issued 384,332 shares upon conversion of $4.7 million of its 3.25% convertible senior notes due Aug. 1, 2010.

Holders converted all of the 3.25% convertibles after the company called them on July 15. It was going to redeem the convertibles at 100.929% of par plus accrued interest on Aug. 6.

American Tower is a Boston-based communications tower operator.

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