American Tower Corp. Completes Redemption of Outstanding Convertible Notes

SANTA BARBARA, Calif., Aug 11, 2008 (ASCRIBE NEWS via COMTEX) -- AMT | Quote | Chart | News | PowerRating -- American Tower Corp. announced that it has completed its previously announced redemption of all of its outstanding 3.25 percent convertible notes due August 1, 2010.

According to the company, in accordance with the conversion provisions of the notes and the indenture for the notes, holders of the notes had the right at any time until and including, but not after the close of business on August 5, to convert their notes into shares of the Company's Class A common stock at a conversion rate of 81.808 shares of Class A common stock per $1,000 principal amount of notes. Holders of all $4.7 million of the outstanding notes converted their notes into an aggregate of 384,332 shares of the Company's Class A common stock prior to redemption. As a result, as of August 6, none of the 3.25 percent notes remained outstanding.

American Tower is an independent owner, operator and developer of broadcast and wireless communications sites.

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