Crown Castle Closes Public Offerings of Common Stock and Mandatory Convertible Preferred Stock
July 26 2017 - 4:45PM
Crown Castle International Corp. (NYSE:CCI) ("Crown Castle")
announced today that it has closed its concurrent offerings of
40,150,000 shares of its common stock at $96.00 per share and
1,650,000 shares of its 6.875% Mandatory Convertible Preferred
Stock, Series A, at $1,000.00 per share. The amounts sold include
3,650,000 shares of common stock and 150,000 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 $3.755 billion and $1.606 billion,
respectively, in each case after issuance discounts and offering
expenses payable by Crown Castle. Crown Castle expects to use the
net proceeds from these offerings, together with the net proceeds
from the recently announced senior notes offering and cash on hand,
to finance the consideration to be paid in connection with the
previously announced acquisition of LTS Group Holdings LLC
(“Lightower Acquisition”) and to pay related fees and expenses. If
for any reason the Lightower Acquisition does not close, then Crown
Castle expects to use the net proceeds from these offerings for
general corporate purposes, which may include, in the Company’s
sole discretion, the redemption of the Mandatory Convertible
Preferred Stock and the repurchase or repayment of
indebtedness.Morgan Stanley, BofA Merrill Lynch and J.P. Morgan
acted as joint bookrunners of the offerings and representatives of
the underwriters. Additionally, Barclays and RBC Capital Markets
acted as joint bookrunners of the offerings. These offerings were
made pursuant to an effective shelf registration statement filed
with the Securities and Exchange Commission (“SEC”). Each offering
was made only by means of a prospectus supplement relating to such
offering and the accompanying base prospectus, copies of which may
be obtained by contacting the underwriters using the information
provided below. An electronic copy of the prospectus supplement,
together with the accompanying prospectus, is also available on the
SEC’s website, www.sec.gov.This press release shall not constitute
an offer to sell or a solicitation of an offer to buy the
securities described herein, nor shall there be any sale of these
securities in any state or other jurisdiction in which such an
offer, solicitation or sale would be unlawful prior to registration
or qualification under the securities laws of any such state or
jurisdiction.
Cautionary Language Regarding
Forward-Looking Statements This press release
contains forward-looking statements that are based on Crown Castle
management’s current expectations. Such statements include
plans, projections and estimates regarding the use of proceeds from
the offerings. 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.”
UNDERWRITER CONTACT
INFORMATION
Morgan Stanley & Co.
LLC180 Varick St, 2nd Floor New York, NY 10014Attn: Prospectus
DepartmentToll-free: (866) 718-1649 |
BofA Merrill
LynchNC1-004-03-43200 North College Street, 3rd floorCharlotte,
NC 28255-0001Attn: Prospectus Department Email:
dg.prospectus_requests@baml.com |
J.P. Morgan Securities
LLC c/o Broadridge Financial Solutions 1155 Long Island
AvenueEdgewood, NY 11717 Attn: Prospectus Department Toll-free:
(866) 803-9204 |
|
Contacts: |
Dan
Schlanger, CFO |
|
Son
Nguyen, VP & Treasurer |
|
Crown
Castle International Corp. |
|
713-570-3050 |
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