Crown Castle Announces Mandatory Conversion of 6.875% Mandatory Convertible Preferred Stock
HOUSTON, July 30, 2020 (GLOBE NEWSWIRE) -- Crown Castle International Corp. (NYSE:CCI) (“Crown Castle”) today announced that all the outstanding shares of its 6.875% Mandatory Convertible Preferred Stock (“Preferred Stock”) will mandatorily convert on August 1, 2020 (“Mandatory Conversion Date”).
On the Mandatory Conversion Date, holders of Preferred Stock will be entitled to receive 8.8043 shares of Crown Castle Common Stock (“Common Stock”) for each share of Preferred Stock converted. Cash will be paid in lieu of fractional shares of Common Stock. Dividends on the Preferred Stock will cease to accrue on the Mandatory Conversion Date. As of the close of trading on the New York Stock Exchange on July 29, 2020, Crown Castle had approximately 1.3 million shares of Preferred Stock outstanding and approximately 419.7 million shares of Common Stock outstanding. After giving effect to the conversion of all of the Preferred Stock, Crown Castle expects to have approximately 431.3 million shares of Common Stock outstanding.
Crown Castle’s next scheduled dividend payment date with respect to the Preferred Stock is the Mandatory Conversion Date, which dividend wil be paid on Monday, August 3, 2020 to record holders of the Preferred Stock as of July 15, 2020.
From and after the Mandatory Conversion Date, the Preferred Stock not previously converted will cease to be outstanding and all rights of the holders with respect to such Preferred Stock will terminate, except for the right to receive the number of whole shares of Common Stock issuable upon conversion of the Preferred Stock and cash in lieu of any fractional shares of Common Stock, as described above.
CAUTIONARY LANGUAGE REGARDING FORWARD-LOOKING STATEMENTS
This press release contains forward-looking statements that are based on Crown Castle management's current expectations. Such forward-looking statements are subject to certain risks, uncertainties and assumptions, including prevailing market conditions and other factors. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those expected. More information about potential risk factors that could affect Crown Castle and its results is included in Crown Castle's filings with the SEC. The term "including," and any variation thereof, means "including, without limitation."
ABOUT CROWN CASTLE
Crown Castle owns, operates and leases more than 40,000 cell towers and approximately 80,000 route miles of fiber supporting small cells and fiber solutions across every major U.S. market. This nationwide portfolio of communications infrastructure connects cities and communities to essential data, technology and wireless service - bringing information, ideas and innovations to the people and businesses that need them. For more information on Crown Castle, please visit www.crowncastle.com.
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