NEW YORK-After dramatically reducing the size and price of its initial public offering, Crown Castle International Corp., a Houston-based wireless tower company, sold 14 million shares at $13 each Aug. 18.
The company had registered June 19 with the Securities and Exchange Commission to sell an IPO of 31.25 million shares priced between $17 and $19 apiece.
Crown Castle said it expected to receive about $151 million from the initial public offering, for which Lehman Brothers Inc., New York, was lead underwriter.
“Proceeds … will be used for working capital and general corporate purposes, including acquisitions, investments and joint ventures and capital expenditures associated with the buildout of new infrastructure in the United Kingdom to support digital terrestrial television and the construction of new towers,” Crown Castle said.
Through subsidiaries, the company provides wireless communications and broadcast transmission services in the United States, the United Kingdom and Puerto Rico.
It owns or manages more than 1,200 towers and rooftop cell sites that it leases to clients, including AT&T Wireless Services Inc., Motorola Inc. and Sprint Spectrum L.P. It also performs network design and site development, management and maintenance services.
