American Tower Corporation Announces Conversion Rate Adjustment for 5.50% Mandatory Convertible Preferred Stock, Series B
April 12 2017 - 4:30PM
Business Wire
American Tower Corporation (NYSE: AMT) announced an adjustment
to the conversion rates for its 5.50% Mandatory Convertible
Preferred Stock, Series B (the “Series B Preferred Stock”). The
adjustment to the conversion rates is being made pursuant to the
Certificate of Designations establishing the Series B Preferred
Stock (the “Certificate of Designations”) in light of American
Tower’s previously announced first quarter 2017 common stock cash
dividend of $0.62 per common share and in recognition of
carried-forward adjustments relating to common stock cash dividends
paid on April 28, 2015, July 16, 2015, October 7, 2015, January 13,
2016, April 28, 2016, July 15, 2016, October 17, 2016 and January
13, 2017, which adjustments were deferred and carried forward as
permitted under the Certificate of Designations. The new Fixed
Conversion Rates and Fundamental Change Conversion Rates (each as
defined in the Certificate of Designations) are as set forth
below:
Minimum Conversion Rate: 8 .6870 Maximum
Conversion Rate: 10 .4244
Fundamental Change Conversion Rates:
Share Price on Effective Date
Effective
Date
$49.45
$69.23
$89.01
$95.93
$108.79
$115.12
$128.56
$138.45
$148.34
March 3, 2015 9 .3496 9 .2991 8 .9735 8 .8562 8 .6870 8
.6870 8 .6870 8 .6870 8 .6870
February 15, 2016 9 .7226 9
.6702 9 .2769 9 .1203 8 .8685 8 .7720 8 .6870 8 .6870 8 .6870
February 15, 2017 10 .0817 10 .0844 9 .6781 9 .4600 9 .0776
8 .9298 8 .7239 8 .6870 8 .6870
February 15, 2018 10 .4244
10 .4244 10 .4244 10 .4244 9 .1924 8 .6870 8 .6870 8 .6870 8 .6870
About American Tower
American Tower, one of the largest global REITs, is a leading
independent owner, operator and developer of multitenant
communications real estate with a portfolio of approximately
147,000 communications sites. For more information about American
Tower, please visit www.americantower.com.
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American Tower CorporationLeah Stearns, 617-375-7500Senior Vice
President, Treasurer and Investor Relations
American Tower (NYSE:AMT)
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