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BOSTON-American Tower Corp. said it will sell $300 million in aggregate principal amount of its 3-percent convertible notes due Aug. 15, 2012, through an institutional private placement.
The initial purchaser also has a 30-day option to purchase up to an additional $45 million aggregate principal amount of notes.
American Tower said net proceeds, expected to be $292 million or $336 million if the initial purchaser exercises its option to purchase additional notes, will be used to refinance a portion of outstanding senior notes due 2009 through redemption or repurchase.
The offering is expected to close Aug. 20.
Shares of American Tower were trading down at $14.18 per share following the news.
