Crown Castle Announces Consent Solicitation Relating to Its 10 5/8% Senior Discount Notes Due 2007 and 12 3/4% Senior Exchangeable Preferred Stock Due 2010.HOUSTON--(BUSINESS WIRE)--Nov. 23, 1999-- Crown Castle International Corp. (the "Company")(Nasdaq:TWRS TWRS Tank Waste Remediation System TWRS True Wave Reduced Slope ) announced today that it is soliciting consents from the holders of its 10 5/8% Senior Discount Notes due 2007 (the "Notes") and its 12 3/4% Senior Exchangeable Preferred Stock Stock shares that have preferential rights to dividends or to amounts distributable on liquidation, or to both, ahead of common shareholders. Preferred stock is given preference over common stock. Holders of preferred stock receive dividends at a fixed annual rate. due 2010 (the "Preferred Stock") to certain amendments to the instruments governing these securities to conform those instruments to the instruments governing the Company's more recent debt issuances. This transaction is expected to remain open until 5:00 p.m., New York City New York City: see New York, city. New York City City (pop., 2000: 8,008,278), southeastern New York, at the mouth of the Hudson River. The largest city in the U.S. time, on December 10, 1999 (the "Expiration Date Expiration Date The day on which an options or futures contract is no longer valid and, therefore, ceases to exist. Notes: The expiration date for all listed stock options in the U.S. "), unless extended. Holders of record of the Notes and/or the Preferred Stock as of November 22, 1999 are entitled to consent to the proposed amendments. Adoption of the proposed amendments, and payment of the consent payment, is conditioned upon the receipt of the consent of a majority of the holders of each of the Notes and the Preferred Stock. Subject to conditions, the Company will pay a consent payment of (1) 2.00% of the accreted value accreted value The current value of an original-issue discount bond, taking into account imputed interest that has accumulated. as of November 22, 1999 of Notes (such accreted value being $734.50 for each $1,000 principal amount at maturity) and (2) 2.00% of each $1,000 liquidation preference of Preferred Stock, in each case with respect to which a consent to the proposed amendments is received and not revoked prior to the Expiration Date. The terms of the consent solicitation Consent Solicitation A solicitation by one party to the stakeholders of a particular security for the consent of a material change. Notes: Should the majority of stakeholders provide valid consent prior to the consent expiry date, the issuer may then follow through with are more fully described in the Consent Solicitation Statement dated November 23, 1999 and related documents. For additional information regarding consent delivery procedures and the conditions of the consent solicitation, reference is made to the Consent Solicitation Statement and related documents. Documents can be obtained by contacting Mackenzie Partners, Inc., the Tabulation tab·u·late tr.v. tab·u·lat·ed, tab·u·lat·ing, tab·u·lates 1. To arrange in tabular form; condense and list. 2. To cut or form with a plane surface. adj. Having a plane surface. Agent and Information Agent for the consent solicitation at 800/322-2885 (toll free) or 212/929-5500. Salomon Smith Barney and Goldman, Sachs & Co. are the Solicitation Agents for the consent solicitation. Questions concerning the consent solicitation may be directed to Salomon Smith Barney, Attention: Liability Management Group, at 800/558-3745 (toll free) or 212/723-6106, or Goldman, Sachs & Co. at 212/902-0557. Crown Castle International Corp. is a leading provider of communication sites and wireless network services and provides an array of related infrastructure and network support services support services Psychology Non-health care-related ancillary services–eg, transportation, financial aid, support groups, homemaker services, respite services, and other services to the wireless communications and radio and television broadcasting industries in the United States and United Kingdom. Pro forma As a matter of form or for the sake of form. Used to describe accounting, financial, and other statements or conclusions based upon assumed or anticipated facts. The phrase pro forma for all closed and previously announced transactions, Crown Castle International owns, operates and manages approximately 10,000 wireless communication towers worldwide. For more information on Crown Castle International, visit: http://www.crowncastle.com. This press release contains various forward-looking statements and information that are based on management's belief as well as assumptions made by and information currently available to management. Although the Company believes that the expectations reflected in such forward-looking statements are reasonable, it can give no assurance that such expectations will prove to have been correct. Such statements are subject to certain risks, uncertainties and assumptions. Should one or more of these risks materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those expected. |
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