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Crown Castle International Corp Announces Pricing Of Public Offerings Of Common Stock And Mandatory Convertible Preferred Stock

Tuesday, 22 Oct 2013 11:00pm EDT 

Crown Castle International Corp announced that it has priced concurrent offerings of 36,000,000 shares of common stock at $74.00 per share and 8,500,000 shares of 4.50% Mandatory Convertible Preferred Stock, Series A, at $100.00 per share. In addition, the underwriters in each respective offering have been granted an option to purchase up to an additional 5,400,000 shares of common stock and up to an additional 1,275,000 shares of Mandatory Convertible Preferred Stock. The net proceeds from the common stock offering and the Mandatory Convertible Preferred Stock offering will be approximately $2.59 billion and $825.5 million, respectively, in each case after estimated issuance discounts, commissions and offering expenses payable by Crown Castle. Crown Castle expects to use the net proceeds from these offerings, together with cash on hand and additional debt financing, including additional borrowings under revolving credit facility, to finance the consideration to be paid to AT&T, Inc. (AT&T) and affiliates in connection with the recently announced transaction between Crown Castle and AT&T (the AT&T Transaction). Morgan Stanley, BofA Merrill Lynch, J.P. Morgan Securities LLC and Barclays are the joint book-running managers on the common stock and Mandatory Convertible Preferred Stock offerings. 

Company Quote

0.11 +0.15%
11 Jul 2014