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Stock Market & Financial Investment News

News Breaks
June 13, 2014
16:42 EDTCCICrown Castle files Form 4 in connection with recent operation as REIT
Crown Castle International announced that its newly formed, wholly owned subsidiary, Crown Castle REIT, filed a proxy statement/prospectus on Form S-4 with the SEC in connection with Crown Castle's recent commencement of operations as a real estate investment trust. Crown Castle proposes to merge with and into CCR in connection with adopting certain charter provisions that implement REIT-related ownership limitations and transfer restrictions related to its capital stock, subject to approval by the holders of Crown Castle's common stock. Crown Castle expects to hold a special meeting of stockholders in the fourth quarter for the purpose of voting on the proposed merger. As previously disclosed, Crown Castle commenced operating as a REIT for U.S. federal income tax purposes effective January 1.
News For CCI From The Last 14 Days
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May 14, 2015
08:34 EDTCCICrown Castle to sell Australian subsidiary for about $1.6B in cash
Crown Castle International announced that it has signed a definitive agreement to sell its Australian subsidiary, CCAL, to a consortium of investors led by Macquarie Infrastructure and Real Assets for an aggregate purchase price of approximately $2.B in cash, or approximately $1.6B assuming an exchange rate of 0.80 U.S. dollars to 1.0 Australian dollar. CCAL is 77.6% owned by Crown Castle. Upon consummation of the Transaction, Crown Castle expects to receive net proceeds of approximately $1.3B after accounting for its ownership interest, repayment of intercompany debt owed to it by CCAL and estimated transaction fees and expenses. The Transaction is expected to close during Q2. Crown Castle expects to use the net proceeds from the Transaction to finance its previously announced acquisition of Sunesys and for general corporate purposes, including the repayment of certain of its indebtedness. CCAL was expected to contribute approximately $97M-$102M to Crown Castle's previously provided full year 2015 Outlook for Adjusted EBITDA of $2.15B-$2.16B. Further, CCAL was expected to contribute approximately $58M-$63M to Crown Castle’s previously provided FY15 Outlook for Adjusted Funds from Operations of $1.45B-$1.47B, respectively.
May 13, 2015
12:42 EDTCCIAnalyst bullish on tower companies after meeting with American Tower
American Tower's (AMT) outlook has improved, and it should report strong 2016 results, research firm Pacific Crest wrote in a note to investors earlier today. American Tower owns towers used by cell phone carriers. WHAT'S NEW: After hosting a non-deal roadshow with American Tower, Pacific Crest analyst Michael Bowen said he had an "increasingly positive outlook" on the company in particular and the cell phone tower sector in general. Carrier tower applications rose last quarter, versus the second half of 2014, Bowen quoted American Tower and its peers as saying. This increase appears to bode well for the sector's performance in the second half of 2015 and 2016, according to Bowen, who expects American Tower to have strong 2016 results. The analyst predicts that American Tower's adjusted funds from operations, or AFFO, will increase about 9% in 2015 and 10.6% in 2016. However, the company estimated that its AFFO growth "could approach" mid-teen percentage levels if it decides not to acquire any more towers, according to Bowen. Additionally, American Tower reported that it believes it can eventually more than double the nearly 18,000 towers it owns in Brazil, Bowen reported. The analyst recommended that investors buy the stock. PRICE ACTION: In early afternoon trading, American Tower was flat at $93.56. Other tower owners were also little changed, as Crown Castle (CCI) was flat at $83, and SBA Communications (SBAC) added 0.7% to $116.21.

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