American Tower holders convert nearly all 3% notes ahead of redemption

By Jennifer Chiou

New York, Aug. 27 - American Tower Corp. announced that holders converted $162.1 million of its remaining $162.2 million of 3% convertible notes due Aug. 15, 2012 that were called on Aug. 6.

The notes were converted into 7,908,316 shares of the company's class A common stock.

The company paid 101.125 for the remaining notes, plus interest. It used cash on hand to fund the redemption.

Investors could have converted their securities up to the close of business on Aug. 26 at a conversion rate of 48.7805 class A common shares per $1,000 of notes.

American Tower is a Boston-based communications tower operator. Its shares (NYSE: AMT) closed at $3.98 on Aug. 5.

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