American Tower Corporation Completes Full Redemption of its 6.25% Convertible Notes Due 2009.Business Editors BOSTON--(BUSINESS WIRE)--Feb. 24, 2004 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 completed the redemption of $212.7 million principal amount of its 6.25% Convertible Notes Due 2009 ("the Notes"), representing all of its outstanding 6.25% Notes. American Tower redeemed the Notes pursuant to their terms at 102.083% 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 and including February 24, 2004. 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 $221.9 million, including approximately $4.8 million in accrued interest. The Company will record a non-cash charge of approximately $7.1 million in the first quarter of 2004 from the loss on redemption and write-off of deferred financing fees related to the Notes. American Tower is the leading independent owner, operator and developer of broadcast and wireless communications sites in North America. Giving effect to pending transactions, American Tower operates approximately 15,000 sites in the United States, Mexico, and Brazil, including approximately 300 broadcast tower sites. For more information about American Tower Corporation, please visit our web sites www.americantower.com |
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