Crown Castle International Prices Offerings Of Common Stock And Convertible Preferred

July 28, 2000 at 12:00 AM EDT

HOUSTON – JULY 28, 2000 – Crown Castle International Corp. (NASDAQ:TWRS) announced today that it priced concurrent public offerings of common stock and convertible preferred stock. Crown Castle will offer 11,000,000 shares of common stock at a price of $29.50 per share, and has granted the underwriters an over-allotment option to purchase an additional 1,650,000 shares of common stock. Crown Castle also will offer 7,000,000 shares of 6.25% Convertible Preferred Stock, and has granted the underwriters an over-allotment option to purchase an additional 1,050,000 shares. The convertible preferred stock will be offered at a price of $50 per share, and initially will be convertible into common stock at the rate of approximately 1.36 shares of common stock per share of convertible preferred stock, for a per share conversion price of $36.88.

The closing of the offerings is expected to occur on August 2, 2000 and is subject to customary closing conditions. The shares from both offerings will be sold pursuant to Crown's shelf registration statement. The net proceeds of the offerings will be used for general corporate purposes including capital expenditures and acquisition of shared communications infrastructure.

A shelf registration statement relating to the shares was previously declared effective by the Securities and Exchange Commission. The shares may be offered only by means of a prospectus supplement. A copy of the prospectus supplement and related base prospectus relating to the common stock offering may be obtained from Goldman Sachs & Co. or Credit Suisse First Boston. A copy of the prospectus supplement and related base prospectus relating to the convertible preferred stock offering may be obtained from Goldman Sachs & Co. or Lehman Brothers.

Crown Castle International Corp. engineers, deploys, owns and operates technologically advanced shared wireless infrastructure, including extensive networks of towers and rooftops as well as analog and digital audio and television broadcast transmission systems. The Company offers near-universal broadcast coverage in the United Kingdom and significant wireless communications coverage to 68 of the top 100 United States markets, more than 95 percent of the UK population and more than 92 percent of the Australian population. Pro forma for all closed and previously announced transactions, Crown Castle International owns, operates and manages over 11,000 wireless communication towers internationally. For more information on Crown Castle International, visit: www.crowncastle.com.

THIS PRESS RELEASE DOES NOT CONSTITUTE AN OFFER OF ANY SECURITIES FOR SALE. A SHELF REGISTRATION STATEMENT RELATING TO THE FOREGOING HAS PREVIOUSLY BEEN FILED AND DECLARED EFFECTIVE. ANY OFFER, IF AT ALL, WILL BE MADE ONLY BY MEANS OF A PROSPECTUS SUPPLEMENT FORMING A PART OF SUCH REGISTRATION STATEMENT.

This press release contains forward-looking statements and information that are based on management's belief as well as assumptions made by and information currently available to management. Although Crown Castle 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. More information about potential factors, which could affect the company's financial results, is included in the Risk Factors sections of the company's filings with the Securities and Exchange Commission. The company assumes no obligation to update publicly any forward-looking statements, whether as a result of new information, future events or otherwise.

Contacts:

W. Benjamin Moreland, CFO
Crown Castle International
713-570-3000

Ken Dennard
Easterly Investor Relations
kdennard@easterly.com
713-529-6600

 

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