Crown Castle International Prices Public Offerings

Crown Castle International shares fell 1.3% in Friday’s pre-market session after it said it has priced its concurrent offerings of 36.5 million shares of its common stock at $96.00 per share and 1.5 million shares of its 6.875% mandatory convertible preferred stock, series A, at $1,000.00 per share. Additionally, the underwriters in each respective offering have been granted an option to purchase up to an additional nearly 3.7 million shares of common stock and up to an additional 150,000 shares of mandatory convertible preferred stock.

The company said that the 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. The offerings are expected to close on July 26, subject to customary closing conditions.

By Celina Yao