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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Leah Stearns, 617-375-7500
Senior
Vice President, Treasurer and Investor Relations
