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HOUSTON—Crown Castle International Corp. adjusted its 2002 site rental and transmission revenue projections by $28 million to between $657 million and $682 million after ITV Digital, one of Crown Castle UK Ltd.’s customers, said it was filing for bankruptcy.
Crown Castle also lowered its 2002 tower gross profit projections by $16 million to between $389 million and $434 million, and its earnings before interest, taxes, depreciation and amortization by $16 million to between $369 million and $399 million.
The ITV liquidation also will require CCUK to seek a waiver or amendment of certain covenants under its $150 million revolving credit facility, CCI said.
Shares of CCI fell almost 11 percent following the news to trade at $6.10.
