HOUSTON-Crown Castle International Corp. said it will pay the quarterly dividend on its 12 3/4 percent senior exchangeable preferred stock on Dec. 15, 2002, to all holders of record on Dec. 1, 2002.
The dividend will be paid in shares of the preferred stock at 31.875 shares per 1,000 shares.
The market reacted favorably to the news, with shares of Crown Castle trading at $4 per share on Wed., the highest the stock has been since July.
Separately, shares of competitor American Tower Corp. were at $4.02 per share, still reaping the benefits of an upgrade to “strong buy” from analysts at Raymond James late last week. American Tower last traded above $4 in June.
