HOUSTON, May 26 /PRNewswire-FirstCall/ -- Crown Castle International Corp.
(NYSE: CCI) announced today that it has priced $1.9 billion of Senior Secured
Tower Revenue Notes, Series 2005-1 ("Notes"), that will be issued by certain
of its indirect subsidiaries in a private transaction. The offering consists
of five classes of Notes, which are expected to be rated investment grade.
The weighted average interest rate on the various classes of Notes is
approximately 4.89%. Further, all of the Notes have an expected life of five
years with a final maturity of June 2035. Crown Castle expects the offering
to close on June 8, 2005.
Crown Castle expects to use the net proceeds received from this offering
to fund the tender for all of its outstanding 10 3/4% Senior Notes, 9 3/8%
Senior Notes, 7.5% Senior Notes and 7.5% Series B Senior Notes, to fund the
redemption of its outstanding 9% Senior Notes, 9 1/2% Senior Notes, 10 3/8%
Senior Discount Notes and 11 1/4% Senior Discount Notes and to repay its
outstanding Crown Castle Atlantic credit facility. The balance of the net
proceeds is expected to be available for general corporate purposes.
This press release is not an offer to sell or the solicitation of an offer
to buy, nor shall there be any sale of the Notes in any jurisdiction in which
any such offer, solicitation, or sale would be unlawful prior to the
registration or qualification under the securities laws of any such
jurisdiction. The Notes are offered to qualified institutional buyers under
Rule 144A, to persons outside of the United States under Regulation S and to
institutional investors that are Accredited Investors under Rule 501. The
Notes will not be registered under the Securities Act of 1933, as amended (the
"Securities Act"), or any state securities laws, and, unless so registered,
may not be offered or sold in the United States except pursuant to an
exemption from the registration requirements of the Securities Act and
applicable state securities laws.
Cautionary Language Regarding Forward-Looking Statements
This press release contains forward-looking statements that are based on
our management's current expectations. Such statements include, but are not
limited to, plans, projections and estimates regarding (i) the rating of the
Notes, (ii) the life and maturity of the Notes, (iii) the closing date of the
Notes offering and (iv) the use of proceeds from the Notes offering. 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 which could affect
our results is included in our filings with the Securities and Exchange
Crown Castle International Corp. engineers, deploys, owns and operates
technologically advanced shared wireless infrastructure, including extensive
networks of towers. Crown Castle offers significant wireless communications
coverage to 68 of the top 100 United States markets and to substantially all
of the Australian population. Crown Castle owns, operates and manages over
10,600 and over 1,300 wireless communication sites in the U.S. and Australia,
respectively. For more information on Crown Castle visit:
Contacts: W. Benjamin Moreland, CFO
Jay Brown, Treasurer
Crown Castle International Corp.
SOURCE Crown Castle International Corp.
/CONTACT: W. Benjamin Moreland, CFO, or Jay Brown, Treasurer, both of
Crown Castle International Corp., +1-713-570-3000/
/Web site: http://www.crowncastle.com /
CO: Crown Castle International Corp.
IN: CPR TLS
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8927 05/26/2005 16:00 EDT http://www.prnewswire.com