Crown Castle Announces Consent Solicitation Relating To Its 10 5/8% Senior Discount Notes Due 2007 And 12 3/4% Senior Exchangeable Preferred Stock Due 2010
This transaction is expected to remain open until 5:00 P.M., New York City time, on December 10, 1999 (the "Expiration Date"), unless extended. Holders of record of the Notes and/or the Preferred Stock as of November 22, 1999 are entitled to consent to the proposed amendments. Adoption of the proposed amendments, and payment of the consent payment, is conditioned upon the receipt of the consent of a majority of the holders of each of the Notes and the Preferred Stock.
Subject to conditions, the Company will pay a consent payment of (1) 2.00% of the accreted value as of November 22, 1999 of Notes (such accreted value being $734.50 for each $1,000 principal amount at maturity) and (2) 2.00% of each $1,000 liquidation preference of Preferred Stock, in each case with respect to which a consent to the proposed amendments is received and not revoked prior to the Expiration Date.
The terms of the consent solicitation are more fully described in the Consent Solicitation Statement dated November 23, 1999 and related documents. For additional information regarding consent delivery procedures and the conditions of the consent solicitation, reference is made to the Consent Solicitation Statement and related documents. Documents can be obtained by contacting Mackenzie Partners, Inc., the Tabulation Agent and Information Agent for the consent solicitation at (800) 322-2885 (toll free) or (212) 929-5500.
Salomon Smith Barney and Goldman, Sachs & Co. are the Solicitation Agents for the consent solicitation. Questions concerning the consent solicitation may be directed to Salomon Smith Barney, Attention: Liability Management Group, at (800) 558-3745 (toll free) or (212) 723-6106, or Goldman, Sachs & Co. at (212) 902-0557.
Crown Castle International Corp. is a leading provider of communication sites and wireless network services and provides an array of related infrastructure and network support services to the wireless communications and radio and television broadcasting industries in the United States and United Kingdom. Pro forma for all closed and previously announced transactions, Crown Castle International owns, operates and manages approximately 10,000 wireless communication towers worldwide. For more information on Crown Castle International, visit: www.crowncastle.com.
This press release contains various forward-looking statements and information that are based on managements belief as well as assumptions made by and information currently available to management. Although the Company believes that the expectations reflected in such forward-looking statements are reasonable, it can give no assurance that such expectations will prove to have been correct. Such statements are subject to certain risks, uncertainties and assumptions. Should one or more of these risks materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those expected.
Contacts:
Ben Moreland, Sr. VP & Treasurer
Crown Castle International Corp.
713-570-3000
Ken Dennard / kdennard@easterly.com
Lisa Elliott / lisae@easterly.com
Easterly Investor Relations
713-529-6600