HOUSTON-Crown Castle International Corp. recently filed a registration statement with the Securities and Exchange Commission for the initial public offering of $300 million of its common stock, par value 1 cent per share.
The offering includes common shares sold by Bob Crown, chief executive officer of CCIC’s domestic operating subsidiary, Crown Communication Inc. CCIC said it expects Crown to be the largest individual stockholder following the offering.
Lehman Brothers, Credit Suisse First Boston, Goldman, Sachs & Co. and Salomon Smith Barney are the lead underwriters.
CCIC also will exchange CCIC shares with certain shareholders of Castle Transmission Services (Holdings) Ltd. for CTS shares. After the exchange, which is subject to numerous conditions, CCIC’s ownership in CTS is expected to increase from 34.3 percent to about 80 percent, the company said.
Net proceeds from the offering are expected to be used to redeem 50 percent of the outstanding shares of CCIC’s senior convertible preferred stock, working capital and general corporate purposes, including acquisitions and capital expenditures to buildout new infrastructure and construct new towers in the United Kingdom and the United States.