HOUSTON-Crown Castle International Corp. has priced the $200 million convertible senior note offering it announced earlier this week and has granted the underwriters a 30-day option to purchase up to an additional $30 million principal amount of the notes.
The notes will be convertible into shares of Crown Castle common stock at a rate of 92.3361 shares per $1,000, or $10.83 per share.
Analysts at Raymond James & Associates Inc. increased their price target and free cash flow estimates for Crown Castle in response to the offering. Raymond James now expects 2004 and 2005 free cash flow per share to be 43 cents to $1.06 and 47 cents to $1.11, respectively, and the projected 12-month price target was raised to $10.25.
