American Tower Corporation Announces Conversion Rate Adjustment for 5.25% Mandatory Convertible Preferred Stock, Series A
June 17 2016 - 4:30PM
Business Wire
American Tower Corporation (NYSE: AMT) announced an adjustment
to the conversion rates for its 5.25% Mandatory Convertible
Preferred Stock, Series A (the “Series A Preferred Stock”). The
adjustment to the conversion rates is being made pursuant to the
Certificate of Designations establishing the Series A Preferred
Stock (the “Certificate of Designations”) in light of American
Tower’s previously announced second quarter 2016 common stock cash
dividend of $0.53 per common share and recognition of
carried-forward adjustments relating to common stock cash dividends
paid on July 16, 2014, October 7, 2014, January 13, 2015, April 28,
2015, July 16, 2015, October 7, 2015, January 13, 2016 and April
28, 2016, 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: 0.9272 Maximum Conversion
Rate: 1.1591 Fundamental Change Conversion Rates:
Share Price on Effective Date
Effective
Date
$19.79
$39.58
$59.37
$79.15
$86.28
$94.00
$98.94
$103.89
$107.85
$113.78
$118.73
$128.63
May 12, 2014 0.9272 1.0394 1.0501 1.0084 0.9894 0.9700
0.9589 0.9489 0.9418 0.9327 0.9272 0.9272
May 15, 2015
1.0068 1.0796 1.0889 1.0426 1.0186 0.9930 0.9782 0.9649 0.9556
0.9438 0.9358 0.9272
May 15, 2016 1.0825 1.1193 1.1280
1.0874 1.0564 1.0200 0.9980 0.9786 0.9653 0.9494 0.9395 0.9272
May 15, 2017 1.1591 1.1591 1.1591 1.1591 1.1591 1.0639
1.0107 0.9626 0.9272 0.9272 0.9272 0.9272
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 over 143,000
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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