american tower corporation and subsidiaries notes to consolidated financial statements 2014 ( continued ) the 7.50% ( 7.50 % ) notes mature on may 1 , 2012 and interest is payable semi-annually in arrears on may 1 and november 1 each year beginning may 1 , 2004 . the company may redeem the 7.50% ( 7.50 % ) notes after may 1 , 2008 . the initial redemption price on the 7.50% ( 7.50 % ) notes is 103.750% ( 103