HOUSTON, Oct. 28, 2013 (GLOBE NEWSWIRE) -- Crown Castle International Corp. (NYSE:CCI) ("Crown Castle") 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.
Morgan Stanley, BofA Merrill Lynch, J.P. Morgan Securities LLC and Barclays were the joint book-running managers on the common stock and Mandatory Convertible Preferred Stock offerings.
These offerings were being 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: Morgan Stanley & Co. LLC, 180 Varick Street, 2nd Floor, New York, New York 10014, Attention: Prospectus Department; Merrill Lynch, Pierce, Fenner & Smith Incorporated, Attn: Prospectus Department, 222 Broadway, New York, New York 10038, or by email at dg.prospectus_requests@baml.com; J.P. Morgan Securities LLC, c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, New York 11717, telephone: (866) 803-9204; or Barclays Capital Inc., c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, NY 11717, email: Barclaysprospectus@broadridge.com, or telephone: (888) 603-5847. These documents were also filed with the SEC and are available at the SEC's website at http://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 Securities and Exchange Commission. The term "including," and any variation thereof, means "including, without limitation."
CONTACT: Jay Brown, CFO
Fiona McKone, VP - Corporate Finance
Crown Castle International Corp.
713-570-3050
Crown Castle International Corp.