Crown Castle (CCI) Prices 11.35M Share Common Stock Offering for Proceeds of ~$1B
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Crown Castle International Corp. (NYSE: CCI) announced that it has priced its previously announced public offering of 11,350,000 shares of its common stock.
The gross proceeds from the offering are expected to be approximately $1.0 billion. Crown Castle intends to use the net proceeds from this offering for general corporate purposes, which may include the funding of acquisitions, including the recently announced acquisition of FPL FiberNet Holdings, LLC and certain other subsidiaries of NextEra Energy, Inc. (“FiberNet Transaction”), discretionary investments and the repayment or repurchase of outstanding indebtedness. This offering is not contingent upon the consummation of the FiberNet Transaction.
J.P. Morgan, Citigroup and Morgan Stanley are acting as underwriters for the offering (“Underwriters”). The Underwriters may offer the shares of common stock from time to time in one or more transactions on the New York Stock Exchange, in the over-the-counter market, through negotiated transactions or otherwise at market prices prevailing at the time of sale or at negotiated prices. The last reported sale price of Crown Castle’s common stock on November 1, 2016 was $89.94 per share.
The offering is being made pursuant to an effective shelf registration statement filed with the Securities and Exchange Commission ("SEC"). The offering will be made only by means of a prospectus supplement and the accompanying base prospectus, copies of which may be obtained by contacting the Underwriters using the information provided below. An electronic copy of the prospectus supplement, together with the accompanying prospectus, is also available on the SEC's website, www.sec.gov.
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