Crown Castle International Receives Over $900 Million From Common Stock And Debt Offerings
MAY 26, 1999 HOUSTON, TEXAS Crown Castle International Corp. (NASDAQ:TWRS) announced today that the Company closed its concurrent common stock and notes offerings and has received gross proceeds of approximately $904 million. The equity offering consisted of a total of 24.15 million shares of primary common stock issued at $17.50 per share, or approximately $422 million, including the exercise of the underwriters overallotment option. The notes offering included gross proceeds of $180 million of 9.0% Senior Notes due 2011 and approximately $302 million of 10.375% Senior Discount Notes due 2011. The securities were offered by joint book-running underwriters Goldman, Sachs & Co. and Salomon Smith Barney. The net proceeds will be used to finance the previously announced BellSouth and Powertel transactions and for working capital and general corporate purposes.
"We are extremely pleased to have successfully closed the largest financing to date in the independent tower sector and to have raised substantially more funds than we originally planned in our original filing," stated Ted B. Miller, Jr., CEO of Crown Castle International. "With these offerings, we have fully funded our previously announced transactions while also strengthening our balance sheet and enhancing financial flexibility for future growth. We believe we are well positioned to continue to grow rapidly and continue to partner with world class companies like the BBC, Bell Atlantic and BellSouth."
A Registration Statement relating to the common stock was declared effective by the Securities and Exchange Commission. The offering of the common stock may be made only by means of a prospectus. A copy of the prospectus may be obtained from Goldman Sachs or Salomon Smith Barney.
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 the BellSouth and Powertel transactions, Crown Castle International owns, operates and manages over 6,000 communication tower sites.