Featured Story
Intel and telcos left in virtual RAN limbo by rise of AI RAN
A multitude of general-purpose and specialist silicon options now confronts the world's 5G community, while Intel's future in telecom remains uncertain.
Crown Castle International prices $200M convertible senior notes, will use proceeds to pay down debt
June 27, 2003
HOUSTON -- Crown Castle International Corp. (NYSE:CCI) today announced the pricing of $200 million of Convertible Senior Notes due July 15, 2010. In addition, Crown Castle has granted the underwriters of the notes a 30-day option to purchase up to an additional $30 million principal amount of the notes. The notes will be convertible into shares of Crown Castle common stock at a conversion rate of 92.3361 shares of Crown Castle common stock per $1,000 principal amount of notes, representing a conversion price of $10.83 per common share.
Interest on the notes will be payable in cash semi-annually at the rate of 4% per annum beginning January 15, 2004. Crown Castle has the option to redeem some or all of the notes for cash at any time on or after July 18, 2008 at a redemption price plus any accrued and unpaid interest to the redemption date.
Crown Castle intends to use the net proceeds from this offering to fund a portion of the previously announced redemption on July 7, 2003 of its 10 5/8% Senior Discount Notes. This offering retains Crown Castle's flexibility to utilize a portion of its existing cash balances to purchase or redeem all of its outstanding 12 3/4% Senior Exchangeable Preferred Stock due 2010, which had an aggregate redemption value of $245.8 million as of March 31, 2003. Crown Castle currently expects to purchase or redeem the 12 3/4% Senior Exchangeable Preferred Stock no later than December 15, 2003, the first contractual optional redemption date for such securities.
Crown Castle International Corp.
You May Also Like