American Tower Corporation Announces Completion of Partial Redemption of Outstanding 9 3/8% Senior Notes.BOSTON -- American Tower Corporation Formed in 1995, American Tower Corporation is a publicly held company (NYSE: AMT) that is a leading owner and operator of wireless and broadcast communications sites in North America. Today American Tower owns and operates over 30,000 sites in the United States, Mexico and Brazil. (NYSE NYSE See: New York Stock Exchange : AMT See vPro. ) announced today that it has completed its previously announced redemption of $75.0 million principal amount of its 9 3/8% senior notes due 2009. The Company redeemed the notes pursuant to their terms at 104.688% of the principal amount plus unpaid and accrued interest Accrued Interest The interest that has accumulated on a bond since the last interest payment up to but not including the settlement date. There are two methods for calculating accrued interest: 1) 360-day year method, used for corporate and municipal bonds. up to July 21, 2005. The total aggregate redemption price Redemption price See: Call price redemption price 1. The price at which an open-end investment company will buy back its shares from the owners. In most cases, the redemption price is the net asset value per share. 2. was approximately $81.8 million, including approximately $3.3 million in accrued interest. The Company financed the redemption through a combination of internally generated funds and borrowings under the revolving loan of its credit facility. Upon completion of this partial redemption, approximately $67.0 million principal amount of the 9 3/8% notes remained outstanding. As a result of this partial redemption, the Company expects to record in the third quarter of 2005 an aggregate pre-tax loss on retirement of long-term obligations of approximately $4.7 million, consisting of approximately $3.5 million related to amounts paid in excess of carrying value and approximately $1.2 million in the write-off of related deferred financing fees. The Company expects this partial redemption to result in savings of approximately $5.0 million in annualized annualized Of or relating to a variable that has been mathematically converted to a yearly rate. Inflation and interest rates are generally annualized since it is on this basis that these two variables are ordinarily stated and compared. net interest expense. American Tower is the leading independent owner, operator and developer of broadcast and wireless communications sites in North America. American Tower operates over 14,800 sites in the United States, Mexico, and Brazil, including approximately 300 broadcast tower sites. For more information about American Tower, please visit www.americantower.com. |
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