American Tower exchanges $22 million convertibles for stock, cash

New York, July 24 - American Tower Corp. said that during the second quarter it exchanged $22.0 million principal amount ($17.4 million accreted value) of its 2.25% convertible notes for 1.2 million shares of class A common stock and $6.4 million in cash.

The transactions bring the total for the first six months to $93.5 million principal amount ($73.9 million accreted value) of convertibles exchanged for 8.4 million shares of class A common stock and $24.8 million in cash.

The Boston company said that it had $140.1 million accreted value of the convertibles remaining at June 30, 2003. These securities are putable on Oct. 22. At the same date American Tower had $192.9 million of restricted cash and investments that can be used to retire the convertibles. Any excess can be used to retire its other senior notes and convertibles.

Celestica buys back $116.9 million LYONs

New York, July 24 - Celestica, Inc. said it bought back $116.9 million principal amount of its Liquid Yield Option Notes during the second quarter.

The Toronto electronics manufacturing services company said it paid $60.7 million for the securities.

The repurchases bring the total bought over the past 12 months to $493.7 million principal amount at maturity at a cost of $237.1 million.

"Celestica continues to be the only major EMS company buying back both stock and debt," said Eugene Polistuk, Celestica's chairman and chief executive officer, in a news release. "We believe the use of our strong balance sheet for the expansion of our stock repurchase program and ongoing debt repurchases represents great value for shareholders over the long-term and reflects our commitment to drive shareholder value while continuing to pursue the appropriate and sustainable growth opportunities in our business."

Health Management to redeem convertibles due 2020

New York, July 24 - Health Management Associates, Inc. said it plans to redeem its convertible senior subordinated debentures due 2020 with proceeds from its new sale of $500 million 1.5% convertible senior notes due 2023.

The Naples, Fla. company sold $287.7 million proceeds of the 0.25% convertibles due 2020 in August 2000 at a discount to yield 3%.

They are putable on August 16 at $635.88 and also callable from that date onwards.

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