American Tower to use credit facility borrowings for note redemption

New York, Dec. 22 - American Tower Corp. said it will use borrowings under its credit facility to cover the $179.5 million cost of redeeming the remaining 12¼% senior subordinated discount notes issued by its American Towers Inc. subsidiary.

The redemption will be on Feb. 1 at 106.125% of the notes' accreted value on the redemption date, which will be $742.87 per $1,000 principal amount. Accordingly, the company will pay $788.37 per note.

American Tower is based in Boston and owns, operates and develops broadcast and wireless communications sites.

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