American Tower to buy back $1.5 bln in shares

American Tower to buy back $1.5 bln in shares

SAN FRANCISCO (MarketWatch) — American Tower Corp. said Friday it will repurchase up to $1.5 billion of Class A common stock, and also said in a Securities and Exchange Commission filing an unnamed former officer received a Wells notice. American Tower said it expects to fund the repurchases through a combination of cash on hand, cash generated by operations, borrowings under its revolving credit facility and future financing transactions. The company also said that the SEC is contemplating civil enforcement recommendations against a former officer of the company, and that it identified a material weakness in its internal controls over financial reporting over the accounting for income taxes. The Boston owner and operator of broadcast and wireless tower sites projected 2008 rental and management segment revenue of $1.52 billion to $1.54 billion and income from continuing operations of $126 million to $143 million.

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