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Crown Castle International Corp Closes Public Offerings Of Common Stock and Mandatory Convertible Preferred Stock


Monday, 28 Oct 2013 04:03pm EDT 

Crown Castle International Corp. announced today that it has closed its concurrent offerings of 41,400,000 shares of common stock at $74.00 per share and 9,775,000 shares of its 4.50% Mandatory Convertible Preferred Stock, Series A, at $100.00 per share. The amounts sold include 5,400,000 shares of common stock and 1,275,000 shares of Mandatory Convertible Preferred Stock issued pursuant to the underwriters' exercise of the overallotment options. The common stock offering and the Mandatory Convertible Preferred Stock offering generated net proceeds of approximately $2.98 billion and $949.6 million, respectively, in each case after 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 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. 

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