Crown Castle International To Receive $850 Million From Common Stock And Debt Offerings
MAY 12, 1999 HOUSTON, TEXAS Crown Castle International Corp. (NASDAQ:TWRS) announced today that it will receive gross proceeds of approximately $850 million from its concurrent common stock and notes offerings. The equity offering consisted of 21.0 million shares of primary common stock issued at $17.50 per share, or approximately $368 million. The notes offering included gross proceeds of $180 million of 9.0% Senior Notes due 2011 and $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 BellSouth and Powertel transactions and for working capital and general corporate purposes. Closing of the offerings is scheduled for Monday, May 17, 1999.
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, One2One, and Powertel transactions, Crown Castle International owns, operates and manages over 6,000 communication tower sites. For more information on Crown Castle International, visit: www.crowncastle.com.
Contacts:
Charles C. Green, III, CFO
Crown Castle International
713-570-3000
Ken Dennard
kdennard@easterly.com
Easterly Investor Relations
713-529-6600