Crown Castle Announces Mandatory Conversion of 4.50% Mandatory Convertible Preferred Stock
October 28 2016 - 4:15PM
Crown Castle International Corp. (NYSE:CCI) (“Crown Castle”) today
announced that all the outstanding shares of its 4.50% Mandatory
Convertible Preferred Stock (“Preferred Stock”) will mandatorily
convert on November 1, 2016 (“Mandatory Conversion Date”).
On the Mandatory Conversion Date, holders of
Preferred Stock will be entitled to receive 1.1880 shares of Crown
Castle Common Stock, par value $.01 per share (“Common Stock”), for
each share of Preferred Stock converted. Cash will be paid in
lieu of fractional shares of Common Stock. Dividends on the
Preferred Stock will cease to accrue on the Mandatory Conversion
Date. As of the close of trading on the New York Stock
Exchange on October 27, 2016, Crown Castle had approximately
9,284,080 shares of Preferred Stock outstanding and approximately
338.1 million shares of Common Stock outstanding. After giving
effect to the conversion of all of the Preferred Stock, Crown
Castle expects to have approximately 349.2 million shares of Common
Stock outstanding.
Crown Castle previously announced that the next
scheduled dividend payment date with respect to the Preferred Stock
is the Mandatory Conversion Date, payable to record holders of the
Preferred Stock as of October 15, 2016.
From and after the Mandatory Conversion Date, the
Preferred Stock not previously converted will cease to be
outstanding and all rights of the holders with respect to such
Preferred Stock will terminate, except for the right to receive the
number of whole shares of Common Stock issuable upon conversion of
the Preferred Stock and cash in lieu of any fractional shares of
Common Stock, as described above.
CAUTIONARY LANGUAGE REGARDING
FORWARD-LOOKING STATEMENTSThis press release contains
forward-looking statements that are based on Crown Castle
management's current expectations. Such forward-looking
statements are subject to certain risks, uncertainties and
assumptions, including prevailing market conditions and other
factors. Should one or more of these risks or uncertainties
materialize, or should underlying assumptions prove incorrect,
actual results may vary materially from those expected. More
information about potential risk factors that could affect Crown
Castle and its results is included in Crown Castle's filings with
the SEC. The term "including," and any variation thereof,
means "including, without limitation."
ABOUT CROWN CASTLECrown Castle
provides wireless carriers with the infrastructure they need to
keep people connected and businesses running. With
approximately 40,000 towers and 17,000 miles of fiber supporting
small cells, Crown Castle is the nation's largest provider of
shared wireless infrastructure with a significant presence in the
top 100 US markets.
Contacts: Dan Schlanger, CFOSon Nguyen, VP &
TreasurerCrown Castle International Corp.713-570-3050
Crown Castle (NYSE:CCI)
Historical Stock Chart
From Mar 2024 to Apr 2024
Crown Castle (NYSE:CCI)
Historical Stock Chart
From Apr 2023 to Apr 2024