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$CCI Dividend Update: Crown Castle International Corp announced today that the quarterly dividend on its 4.50% Mandatory Convertible Preferred Stock will be paid on August 3, 2015 to holders of record on July 15, 2015. The dividend will be paid in cash at a rate of $1.125 per share of Preferred Stock.
$CCI announced that it is commencing a public offering of senior notes due 2023 and senior notes due 2028. Net proceeds will be used to repay its Senior Secured Tower Revenue Notes, Series 2010-3, Class C-2020 issued by certain of Crown Castle’s subsidiaries and a portion of the outstanding borrowings under its existing revolving credit facility.
$CCI announced that the quarterly dividend on its 6.875% Mandatory Convertible Preferred Stock will be paid February 1, 2018 to holders of record on January 15, 2018. The dividend will be paid in cash at a rate of $17.1875 per share of Preferred Stock.
In 4Q17, $CCI expects net income in the range $91-116MM, and AFFO in the range of $430-435MM. In FY17, net income is anticipated to be $433-468MM, and AFFO between $1.779-1.784Bil. For FY18, net income is expected to be $4.54-4.59Bil and AFFO to be $2.21-2.26Bil.
Wireless infrastructure provider $CCI reported 7% growth in 3Q17 net revenue to $1.4Bil, helped by 10% hike in site rental revenues. Net income attributable to $CCI common stockholders was $85.2MM, or $0.21 per share, compared to $87.3MM, or $0.26 per share a year ago. Meanwhile, AFFO grew 10% to $459MM during the quarter.
$CCI has closed its concurrent offerings of 40.15MM shares of its common stock at $96 per share and 1.65MM shares of its 6.875% Mandatory Convertible Preferred Stock, Series A, at $1,000 per share. The common stock offering and the Convertible Preferred Stock offering generated net proceeds of approx $3.755Bil and $1.606Bil, respectively.
$CCI has priced its public offering of 3.2% Senior Notes due 2024 and 3.65% Senior Notes due 2027, in aggregate principal amounts of $750MM and $1.0Bil, respectively. The net proceeds from the offering are expected to be approx. $1.73Bil and will be used mainly to finance its acquisition of LTS Group Holdings LLC.
$CCI priced its concurrent offerings of 36.5MM shares of its common stock at $96.00 per share and 1.5MM shares of its 6.875% Mandatory Convertible Preferred Stock, Series A, at $1,000.00 per share. The offerings are expected to close on July 26, 2017.
Wireless infrastructure provider $CCI reported 8% growth in 2Q17 net revenue to $1.04Bil, helped by improved mobile data demand growth. Net income attributable to $CCI common stockholders was $112.1MM, or $0.31 per share, compared to $75.06MM, or $0.22 per share a year ago. Meanwhile, AFFO grew 12% to $440MM during the quarter.
$CCI agreed to buy LTS Group Holdings. On an EPS basis, the transaction is expected to be modestly dilutive during the first full year of ownership, due primarily to the expected depreciation and amortization expense associated with the transaction. After deal closes, $CCI expects to lift annual dividend rate between $0.15 and $0.20 per share.
$CCI agreed to buy LTS Group Holdings. $CCI expects deal to be immediately accretive to its adjusted FFO per share and lift its prior 6-7% long-term annual dividend growth target to 7-8%. In first full year, $CCI expects LTS Group to contributed $850-870MM in site rental revenues, $510-530MM in adjusted EBITDA and $465-485MM in adjusted FFO.