Crown Castle International Announces Securities Filing On Behalf Of Robert Crown

July 29, 1999 at 12:00 AM EDT
JULY 29, 1999 – HOUSTON, TEXAS – Crown Castle International Corp. (NASDAQ:TWRS) announced today the filing of a preliminary prospectus supplement covering up to 5.0 million shares (approximately $115 million) of Crown Castle common stock owned by Robert and Barbara Crown. These shares will be placed in a newly formed trust, which will issue hybrid securities, named DECSSM, that are linked to the registered shares. Investors in the DECS issued by the trust will receive the registered Crown Castle common stock or cash, at Robert Crown’s option, upon the maturity of the DECS in three years, or earlier on certain events.

The issuance of these DECS will not be dilutive to the Company because no new shares of Crown Castle common stock will be issued in connection with these hybrid securities. The trust is unrelated to Crown Castle, and Crown Castle will not receive any proceeds from the offering of the DECS.

Robert Crown, a non-executive board member who has not had day-to-day operational duties with Crown Castle since the end of 1998, has advised the Company that the purpose of the transaction is to provide increased liquidity by monetizing a majority of his holdings in his efforts to address estate and tax planning considerations and to pursue non-competitive outside business interests.

The offering is lead-managed by Salomon Smith Barney and co-managed by Goldman Sachs and Co. Copies of the prospectuses relating to the offerings, when available, may be obtained from Salomon Smith Barney Inc., 333 W. 34th Street, New York, NY 10001.

A registration statement relating to these securities has been filed with the Securities and Exchange Commission by Crown Castle but has not yet become effective. These securities may not be sold nor may offers to buy be accepted prior to the time the registration statements become effective. This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sales of these securities in any state in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state.

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 over 7,000 wireless communication towers internationally. For more information on Crown Castle International, visit: www.crowncastle.com.

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