Crown Castle Announces Mandatory Conversion of 6.875% Mandatory Convertible Preferred Stock
July 30 2020 - 4:15PM
Crown Castle International Corp. (NYSE:CCI) (“Crown Castle”)
today announced that all the outstanding shares of its 6.875%
Mandatory Convertible Preferred Stock (“Preferred Stock”) will
mandatorily convert on August 1, 2020 (“Mandatory
Conversion Date”).
On the Mandatory Conversion Date, holders of Preferred Stock
will be entitled to receive 8.8043 shares of Crown Castle Common
Stock (“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 July 29,
2020, Crown Castle had approximately 1.3 million shares
of Preferred Stock outstanding and approximately 419.7 million
shares of Common Stock outstanding. After giving effect to the
conversion of all of the Preferred Stock, Crown
Castle expects to have approximately 431.3 million shares of
Common Stock outstanding.
Crown Castle’s next scheduled dividend payment date with respect
to the Preferred Stock is the Mandatory Conversion Date, which
dividend will be paid on Monday, August 3, 2020 to record holders
of the Preferred Stock as of July 15, 2020.
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
STATEMENTS
This 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 CASTLE
Crown Castle owns, operates and leases more than 40,000 cell
towers and approximately 80,000 route miles of fiber supporting
small cells and fiber solutions across every major U.S. market.
This nationwide portfolio of communications infrastructure connects
cities and communities to essential data, technology and wireless
service - bringing information, ideas and innovations to the people
and businesses that need them. For more information on Crown
Castle, please visit www.crowncastle.com.
CONTACTS Dan Schlanger, CFO Ben Lowe, VP & TreasurerCrown
Castle International Corp.713-570-3050
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