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Crown Castle Announces Pricing Of Public Offerings Of Common Stock And Mandatory Convertible Preferred Stock

HOUSTON, Oct. 22, 2013 (GLOBE NEWSWIRE) -- Crown Castle International Corp. (NYSE:CCI) ("Crown Castle") announced today that it has priced its concurrent offerings of 36,000,000 shares of its common stock at $74.00 per share and 8,500,000 shares of its 4.50% Mandatory Convertible Preferred Stock, Series A, at $100.00 per share. In addition, the underwriters in each respective offering have been granted an option to purchase up to an additional 5,400,000 shares of common stock and up to an additional 1,275,000 shares of Mandatory Convertible Preferred Stock. These offerings are separate public offerings made by means of separate prospectus supplements and the closing of each offering is not contingent on the other or upon the consummation of the AT&T Transaction as discussed below.

Unless converted earlier, each share of Mandatory Convertible Preferred Stock will convert automatically on November 1, 2016, into between 1.0811 and 1.3513 shares of Crown Castle common stock, subject to customary anti-dilution adjustments. The number of shares of common stock issuable upon conversion will be determined based on the average VWAP per share of Crown Castle common stock over the 20 consecutive trading day period commencing on and including the 22nd scheduled trading day immediately preceding the mandatory conversion date.

Dividends on the shares of Mandatory Convertible Preferred Stock will be payable on a cumulative basis when, as and if declared by Crown Castle's board of directors, at an annual rate of 4.50% on the liquidation preference of $100.00 per share. The dividends may be paid in cash, or subject to certain limitations, in shares of Crown Castle common stock or any combination of cash and shares of common stock on February 1, May 1, August 1 and November 1 of each year, commencing on February 1, 2014, and to, and including, November 1, 2016.

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