HOUSTON-Crown Castle International Corp. announced it is soliciting consents from the holders of its 10.63-percent senior discount notes due 2007 and its 12.75-percent senior exchangeable preferred stock due 2010 to certain amendments to the instruments governing these securities to conform those instruments to the instruments governing the company’s more recent debt issuances.
Subject to conditions, Crown Castle will pay a consent payment of 2 percent of the accreted value as of Nov. 22 of notes (such value being $734.50 for each $1,000 principal amount of maturity), and 2 percent 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 transaction is expected to remain open until 5 p.m., Dec. 10.
