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Crown Castle International tenders for 9 3/8%, 10¾% and 7½% notes
New York, Sept. 10 - Crown Castle International Corp. (B3/CCC) said it has begun cash tender offers for up to $205.574 million of its outstanding 9 3/8% senior notes due 2011, up to $216.412 million of its 10¾% senior notes due 2011, up to $151.445 million of its 7½% senior notes due 2013 and up to $151.445 million of its 7½% series B senior notes due 2013.
The company said the tender offers would expire at 5 p.m. ET on Oct. 8, subject to possible extension, and that tenders of the notes could be withdrawn at any time before the expiration deadline.
Crown Castle, a Houston-based communications antenna tower company, said that it is making the tender offers to satisfy the provisions of the indenture of each series of notes following the sale on Aug. 31 of its principal U.K. subsidiary, Crown Castle UK Holdings Ltd., since the indentures require Crown Castle to apply the net proceeds of certain asset sales to reduce certain debt, to reinvest in its business or to offer to purchase the notes.
Crown Castle is offering to pay consideration for all tendered notes of 100% of the principal amount of the notes tendered (subject to pro-rationing), payable in cash, plus accrued and unpaid interest on the notes up to but not including the payment date, payable on the payment date.
The closing of each tender offer is conditioned upon the satisfaction of certain conditions described in the official offer to purchase document.
The Bank of New York is the depositary for the tender offer (call Carolle Montreuil of the Reorganization Unit at 212 815-5920).
MacKenzie Partners Inc. is the information agent (call Steven C. Balet at 800 322-2885 or collect at 212 929-5500).
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