American Tower Corporation Commences Cash Offer for 2.25% Convertible Notes Due 2009.Business Editors BOSTON--(BUSINESS WIRE)--Sept. 22, 2003 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. ) (the "Company") today announced it has commenced a cash tender offer for its 2.25% Convertible Notes due 2009 (the "Notes"). Pursuant to the indenture An agreement declaring the benefits and obligations of two or more parties, often applicable in the context of Bankruptcy and bond trading. The term indenture primarily describes secured contracts and has several applications in U.S. law. for the Notes, each holder of the Notes has the right to require the Company to repurchase on October 22, 2003 all or any part of such holder's Notes at a price equal to the issue price plus the accrued original issue discount, plus accrued and unpaid interest, if any, up to but excluding October 22, 2003. Under the terms of the Notes, the Company had the option to pay for the Notes with cash, Class A common stock, or a combination of cash and stock, and has elected to pay for the Notes solely with cash. If all outstanding Notes are surrendered for repurchase, the aggregate cash repurchase will be approximately $83.7 million. In order to surrender Notes for repurchase, a repurchase notice must be delivered to The Bank of New York The Bank of New York, abbrieviated to BNY, was a global financial services company that existed until its merger with the Mellon Financial Corporation on July 2, 2007.[1] The bank now continues under the new name of The Bank of New York Mellon Corporation. , the trustee for the Notes, on or before 5:00 p.m., New York City New York City: see New York, city. New York City City (pop., 2000: 8,008,278), southeastern New York, at the mouth of the Hudson River. The largest city in the U.S. time, on October 22, 2003. Holders of Notes complying with the transmittal procedures of the Depository Trust Company Depository Trust Company (DTC) DTC is the world's largest central securities depository. It accepts deposits of over 2 million equity and debt securities issues (valued at $23 trillion) from over 65 countries for custody, executes book-entry deliveries (valued at over $116 trillion need not submit a physical repurchase notice to The Bank of New York. Holders may withdraw any Notes previously surrendered for repurchase at any time prior to 5:00 p.m., New York City time, on October 22, 2003. The Company will file a Tender Offer Statement on Schedule TO with the Securities and Exchange Commission later today. The Company will make available to the Note holders, through the Depository Trust Company, documents specifying the terms, conditions and procedures for surrendering and withdrawing Notes for repurchase. Note holders are encouraged to read these documents carefully before making any decision with respect to the surrender of Notes, because these documents contain important information regarding the details of the Company's obligation to repurchase the Notes. The Notes are convertible into 29.38 shares of Class A common stock per $1,000 principal amount at maturity of the Notes, subject to adjustment under certain circumstances. |
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