Preferred Stock OfferingsBy Preferred Stock Channel Staff, updated Fri, May 20, 11:51 PM
|This Slide: #445 of 581|
Slide #445. Crown Castle International Corp. — Preferred Stock Offering
Crown Castle International Corp. (NYSE:CCI)
Date of Pricing:
Price Per Share:
Preferred Stock Offering Details:
Crown Castle International Corp. (NYSE:CCI) ("Crown Castle") announced today that it is commencing concurrent offerings of 36,000,000 shares of its common stock and 7,500,000 shares of its Mandatory Convertible Preferred Stock, Series A, each in a separate registered public offering, subject to market and other conditions. These offerings are separate public offerings made by means of separate prospectus supplements and are not contingent on each other or upon the consummation of the AT&T Transaction as discussed below. Crown Castle expects to use the net proceeds from these offerings, together with cash on hand and additional debt financing, including additional borrowings under its revolving credit facility, to finance the consideration to be paid to AT&T, Inc. ("AT&T") and its affiliates in connection with the recently announced transaction between Crown Castle and AT&T (the "AT&T Transaction"). If for any reason the AT&T Transaction does not close or closes with respect to a reduced number of sites or for reduced consideration, then Crown Castle expects to use any remaining net proceeds from these offerings for general corporate purposes, which may include the repurchase or repayment of indebtedness. Crown Castle intends to grant the underwriters in each respective offering the option to purchase up to an additional 5,400,000 shares of its common stock and up to an additional 1,125,000 shares of its Mandatory Convertible Preferred Stock.
Crown Castle International is a holding company. Through its subsidiaries, Co. owns, operates and leases shared communications infrastructure that is geographically dispersed throughout the U.S., including towers and other structures, such as rooftops (collectively, towers), and fiber primarily supporting small cell networks (small cells) and fiber solutions. Co. refers to its towers, fiber and small cells assets collectively as communications infrastructure. Co.'s main business is providing access, including space or capacity, to its shared communications infrastructure via long-term contracts in various forms, including lease, license, sublease and service agreements.
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Strong Buy (3.50 out of 4)
(ranked lower than approx. 63% of all stocks covered)
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