8-KOther EventsExhibits & Filings

AMERICAN TOWER CORP /MA/ 8-K Report, Corporate Update (Aug 6, 2008)

Filed August 6, 2008For Securities:AMT

Summary

American Tower Corporation (AMT) announced the completion of its redemption of all outstanding 3.25% convertible notes due August 1, 2010. This event, effective as of August 6, 2008, signifies the full retirement of these notes. The redemption process allowed noteholders the opportunity to convert their notes into shares of AMT's Class A common stock prior to the final redemption date. Importantly, all $4.7 million principal amount of the outstanding notes were converted by their holders into an aggregate of 384,332 shares of Class A common stock. This conversion effectively eliminated any remaining debt obligation from these specific notes, streamlining the company's capital structure. The press release detailing this redemption is furnished as an exhibit to the 8-K filing.

Key Highlights

  • 1Completion of redemption for all 3.25% convertible notes due August 1, 2010.
  • 2No outstanding principal amount remains on these specific convertible notes as of August 6, 2008.
  • 3All $4.7 million in principal of the convertible notes were converted by holders.
  • 4Noteholders received an aggregate of 384,332 shares of Class A common stock upon conversion.
  • 5The conversion and redemption process closed on or before August 5, 2008.
  • 6The company has streamlined its capital structure by eliminating this debt.
  • 7A press release dated August 6, 2008, detailing the event, is filed as an exhibit.

Frequently Asked Questions

The primary event reported is the completion of American Tower Corporation's redemption of all its outstanding 3.25% convertible notes due August 1, 2010. This means the company has fully paid off or retired these specific notes.

All $4.7 million in principal amount of the outstanding 3.25% convertible notes were converted by their holders into 384,332 shares of American Tower Corporation's Class A common stock. No notes remained outstanding after this conversion and subsequent redemption.

Investors who held the 3.25% convertible notes had the right to convert them into shares of the company's Class A common stock. In this case, all noteholders opted to convert their notes into stock, receiving an aggregate of 384,332 shares, rather than receiving a cash redemption for the principal amount.

This event signifies the elimination of $4.7 million in debt related to these specific convertible notes, simplifying the company's capital structure and reducing future interest obligations associated with this debt.