Crown Castle International redeems $200 million in series A convertible preferreds

By Sheri Kasprzak

New York, Nov. 30 - Crown Castle International Corp. said it has redeemed $200 million in outstanding series A cumulative convertible redeemable preferred stock.

The 8.25% preferreds, which had been held by an affiliate of General Electric Corp., would have been convertible into a total of 7.44 million common shares, or 3.5% of the company's outstanding stock.

The redemption, Crown Castle said, should be complete by Dec. 16.

Houston-based Crown Castle owns and leases wireless communications towers.

On Wednesday, its stock gained 79 cents to end at $27.40.

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