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Slideshow Preferred Stock Offerings

By Preferred Stock Channel Staff, updated Saturday, December 7, 8:31 AM

Slide #112. Crown Castle International Corp. Preferred Stock Offering

Company: Crown Castle International Corp. (NYSE:CCI)
Date announced: 7/19/2017
Shares Offered: 36,500,000
Date of Pricing: 7/21/2017
Price Per Share: $96.00
Preferred Stock Offering Details: Crown Castle International Corp. (NYSE:CCI) ("Crown Castle") announced today that it is commencing concurrent offerings of $3.25 billion of shares of its common stock and $1.5 billion of shares of its Mandatory Convertible Preferred Stock, Series A, each in a separate registered public offering, subject to market and other conditions. These offerings are being made by means of separate prospectus supplements and are not contingent on each other or upon the consummation of the recently announced transaction between LTS Group Holdings LLC ("Lightower") and Crown Castle ("Lightower Transaction"). Crown Castle expects to use the net proceeds from these offerings, together with the net proceeds from additional debt financing, which may include additional borrowings under its revolving credit facility, to finance the consideration to be paid in connection with the Lightower Transaction. If for any reason the Lightower Transaction does not close or closes for reduced consideration, then Crown Castle expects to use the net proceeds from these offerings for general corporate purposes, which may include, in the Company's sole discretion, the redemption of the Mandatory Convertible Preferred Stock and the repurchase or repayment of indebtedness. Crown Castle intends to grant the underwriters in each respective offering the option to purchase up to an additional $325 million of shares of its common stock and up to an additional $150 million of shares of its Mandatory Convertible Preferred Stock. -updated 7/21- Crown Castle International Corp. (NYSE:CCI) ("Crown Castle") announced today that it has priced its concurrent offerings of 36,500,000 shares of its common stock at $96.00 per share and 1,500,000 shares of its 6.875% Mandatory Convertible Preferred Stock, Series A, at $1,000.00 per share. In addition, the underwriters in each respective offering have been granted an option to purchase up to an additional 3,650,000 shares of common stock and up to an additional 150,000 shares of Mandatory Convertible Preferred Stock. These offerings are being made by means of separate prospectus supplements and are not contingent on each other or upon the consummation of the recently announced transaction between LTS Group Holdings LLC and Crown Castle ("Lightower Transaction"). The offerings are expected to close on July 26, 2017, subject to customary closing conditions.

Crown Castle International is a holding company. Through its subsidiaries, Co. owns, operates and leases shared communications infrastructure that is geographically dispersed throughout the U.S., including towers and other structures, such as rooftops (collectively, towers), and fiber primarily supporting small cell networks (small cells) and fiber solutions. Co.'s towers, fiber and small cells assets are collectively referred to herein as communications infrastructure. Co.'s core business is providing access, including space or capacity, to its shared communications infrastructure via long-term contracts in various forms, including lease, license, sublease and service agreements.

Preferred: CCI.PRA


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Name:  Crown Castle International Corp (New)
Website:  www.crowncastle.com
Sector:  REITs
Number of ETFs Holding CCI:  94 (see which ones)
Total Market Value Held by ETFs:  $7,522,045,223.25
Total Market Capitalization:  $55,933,000,000
% of Market Cap. Held by ETFs:  13.45%
 

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