Titan to redeem 5¾% convertibles

New York, April 30 - Titan Corp. plans to redeem all its 5¾% High Tides convertible preferred securities using proceeds from the $200 million high-yield senior subordinated note offering announced Wednesday.

The San Diego company said it will also use $50 million of additional borrowings under its senior credit facility and cash on hand for the redemption.

The High Tides became callable on Feb. 20, 2003 at 101.44% of par, according to a filing with the Securities and Exchange Commission.

As of Dec. 31, 2002 there was $250 million of the convertibles outstanding.

American Tower exchanges $71.5 million convertibles for stock

New York, April 30 - American Tower Corp. said it has exchanged a $71.5 million of its 2.25% convertible notes for stock and cash so far this year.

During April, the company exchanged $67.5 million principal amount ($53.3 million accreted value) of the convertibles for 6.572 million shares of class A common stock and $18.5 million in cash.

In the first quarter ended March 31, it exchanged $4 million principal value ($3.2 million accreted value) of the convertibles for 600,000 shares of common stock during the first quarter ended March 31.

Orckit buys back $19.5 million convertibles

New York, April 30 - Orckit Communications Ltd. said it bought back $19.5 million of its subordinated convertible notes in the first quarter.

Following the redemptions, the Tel Aviv telecommunications equipment company had $18.688 million of the convertibles outstanding as of March 31.

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