Crown Castle Exploring Sale of Its Australian Subsidiary
16 February 2015 - 11:59PM
Crown Castle International Corp. (NYSE:CCI) ("Crown Castle")
announced today that it plans to explore the potential sale of its
Australian subsidiary ("CCAL").
"In light of recent unsolicited offers we have received for our
interest in CCAL, we have determined that fully exploring the
options available to us will ensure the best long-term results for
our shareholders," stated Ben Moreland, Crown Castle's President
and Chief Executive Officer. "Similar to our US business, CCAL has
developed into a leading wireless infrastructure provider in the
attractive Australian market with a unique portfolio of assets and
platform for future growth and expansion."
CCAL is the largest independent tower operator in
Australia. Crown Castle owns 77.6% of CCAL and has an
intercompany loan of approximately A$306 million due from CCAL as
of December 31, 2014. CCAL is expected to contribute
approximately 4% to 5% to the midpoint of Crown Castle's previously
provided full year 2015 Outlook for Adjusted EBITDA of US$2.15
billion and AFFO of US$1.46 billion. Crown Castle's full year
2015 Outlook was previously provided on January 21, 2015 and
assumed an exchange rate of 0.81 US dollars to 1.0 Australian
dollar.
There can be no assurance that the exploration of a potential
sale will result in the consummation of any specific action. Crown
Castle does not intend to discuss developments with respect to the
exploration of a sale unless or until its Board of Directors
reviews and approves a specific action or otherwise deems further
disclosure is appropriate or required.
ABOUT CCAL
Since its establishment in 2000, CCAL has grown to become the
largest independent tower operator in Australia with a nationwide
portfolio of approximately 1,800 sites providing significant
wireless communications coverage to substantially all Australians
throughout all States and Territories. Crown Castle
Australia's customers include major mobile telecommunications
carriers such as Optus, Telstra and Vodafone Hutchison Australia;
wireless broadband service providers such as NBN Co.; and key
emergency service network providers.
ABOUT CROWN CASTLE
Crown Castle provides wireless carriers with the infrastructure
they need to keep people connected and businesses running. With
approximately 40,000 towers and 14,000 small cell nodes supported
by approximately 7,000 miles of fiber, Crown Castle is the nation's
largest provider of shared wireless infrastructure with a
significant presence in the top 100 US markets. In addition,
Crown Castle operates approximately 1,800 towers in
Australia. For more information on Crown Castle, please visit
www.crowncastle.com.
Cautionary Language Regarding Forward-Looking
Statements
This press release contains forward-looking statements that are
based on Crown Castle management's expectations. Such statements
include plans, projections and estimates regarding (1) a potential
sale of CCAL, (2) CCAL's contribution to Crown Castle's financial
or operating results, (3) US dollar to Australian dollar exchange
rate, and (4) discussions of potential CCAL sale developments. Such
forward-looking statements are subject to certain risks,
uncertainties and assumptions, including prevailing market
conditions and other factors. Should one or more of these risks or
uncertainties materialize, or should underlying assumptions prove
incorrect, actual results may vary materially from those expected.
More information about potential risk factors that could affect
Crown Castle and its results is included in Crown Castle's filings
with the Securities and Exchange Commission. The term "including,"
and any variation thereof, means "including, without
limitation."
This press release includes discussions of certain non-GAAP
financial measures. Tables reconciling these non-GAAP
financial measures are available in the Supplemental Information
Package in the Investor section of the company's website at
www.crowncastle.com.
Contacts: |
Jay Brown, CFO |
|
Son Nguyen, VP - Corporate Finance |
|
Crown Castle International Corp. |
|
713-570-3050 |
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