Crown Castle bought back 12¾% preferred shares during quarter, calls remainder

New York, Oct. 28 - Crown Castle International Corp. said that it purchased 179,551 shares of its 12¾% senior exchangeable preferred stock due 2010 during the third quarter ended Sept. 30 for $198.3 million in cash.

The company said in its third-quarter earnings report that as of Sept. 30, the remaining 12¾% shares had an aggregate redemption value of $46.8 million. Crown Castle has delivered notice to redeem the remaining 12¾% shares at the contractual call price of 106.375% on Dec. 15, the first optional redemption date for the securities.

Crown Castle, a Houston-based communications antenna tower and wireless infrastructure company, also said in the earnings report that it plans to redeem its Crown Castle UK subsidiary's 9% guaranteed bonds due 2007 on Nov. 10.

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