An exact conformal model representing a constant magnetic field background in
heterotic string theory is explicitly solved in terms of free
creation/annihilation operators. The spectrum of physical states is examined
for different possible embeddings of the magnetic U(1) subgroup. We find that
an arbitrarily small magnetic field gives rise to an infinite number of
tachyonic excitations corresponding to charged vector states of the massless
level and to higher level states with large spins and charges.Comment: 25 pages, harvmac (few comments added, misprints corrected