American Tower Sells an Additional $35 Million of 3.25% Convertible Notes As Over-Allotment Option Is Exercised in Full.Business Editors/High-Tech Writers BOSTON--(BUSINESS WIRE)--Aug. 18, 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. ) announced today that it sold an additional $35.0 million principal amount of 3.25% convertible notes due 2010, resulting in net proceeds Net Proceeds The amount received after all costs are deducted from the sale of a piece of property or security. Notes: In the case of an investor selling a security, net proceeds represent the proceeds from the sale minus any trading costs (i.e. commissions). to the company of $33.9 million. The notes were sold pursuant to the exercise in full of an additional purchase option granted to the initial purchasers in connection with the company's private placement of $175.0 million principal amount of 3.25% convertible notes on August 4, 2003. The company will use $15.6 million of the net proceeds to reduce outstanding indebtedness under its credit facilities and the remaining $18.3 million will be held in a restricted account to fund repurchases of the company's outstanding debt securities. This announcement is neither an offer to sell nor a solicitation of an offer to buy any of the notes. The notes and the Class A common stock issuable upon conversion of the notes have not been registered under the Securities Act of 1933, as amended, or any state securities laws, and are being offered only to qualified institutional buyers in reliance on Rule 144A Rule 144A A Securities & Exchange Commission rule modifying a two-year holding period requirement on privately placed securities to permit qualified institutional buyers to trade these positions among themselves. under the Securities Act. Unless so registered, the notes may not be offered or sold in the United States except pursuant to an exemption from registration requirements of the Securities Act and applicable state securities laws. |
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