HOUSTON-Crown Castle International Corp. earlier this week filed an 8K announcing it has deferred a portion of the $78 million site access payment it was scheduled to pay British Telecom at the end of the first quarter of this year.
Crown said it has paid $33.2 million and has deferred the remaining $45.1 million until the end of June 2003.
Analysts at Raymond James & Associates Inc. said they are “cautiously optimistic that CCI could negotiate its way out of paying the remaining balance, but note that management has offered no such guidance,” adding that the deferment shows BT is willing to negotiate.
Raymond James maintains a Strong Buy rating on Crown’s stock, which was trading at $6.03 per share by mid-week.
