8-KOther Events

CROWN CASTLE INC. 8-K Report (Jul 9, 2004)

Filed July 9, 2004For Securities:CCI

Summary

Crown Castle International Corp. (CCI) filed an 8-K on July 9, 2004, reporting on the progress and financial implications of its agreement to sell its UK subsidiary, Crown Castle UK Holdings Limited (CCUK). The company is furnishing unaudited pro forma condensed consolidated financial information to reflect the expected impact of this sale and the subsequent repayment of its 2000 Credit Facility. These "Transactions" are a significant strategic move, aiming to streamline operations and financial structure. The provided pro forma information adjusts historical financial statements for the year ended December 31, 2003, and the three months ended March 31, 2004, to illustrate the financial position and performance as if the sale and debt repayment had already occurred. Investors should note that the sale of CCUK is subject to closing conditions and is anticipated to be completed by September 30, 2004. This filing provides a forward-looking view of CCI's financial landscape post-divestiture.

Key Highlights

  • 1Definitive agreement to sell UK subsidiary (CCUK) to NGG Telecoms Investment Limited.
  • 2Sale of CCUK is expected to close on or before September 30, 2004.
  • 3The sale will be accompanied by the repayment of Crown Castle's 2000 Credit Facility.
  • 4Unaudited Pro Forma Condensed Consolidated Financial Information is being furnished to reflect the impact of these transactions.
  • 5Pro forma data covers the year ended December 31, 2003, and the three months ended March 31, 2004.
  • 6The transactions are treated as if they occurred at the beginning of the respective periods for the pro forma statements.
  • 7The filing includes forward-looking statements subject to risks and uncertainties.

Frequently Asked Questions

The primary purpose of this 8-K filing is to disclose the furnishing of unaudited pro forma condensed consolidated financial information related to the sale of Crown Castle's UK subsidiary (CCUK) and the subsequent repayment of its 2000 Credit Facility. This information helps investors understand the expected financial impact of these significant transactions.

The sale of Crown Castle UK Holdings Limited (CCUK) is expected to close on or before September 30, 2004, subject to the satisfaction of described closing conditions.

The filing includes unaudited pro forma condensed consolidated statements of operations for the year ended December 31, 2003, and the three months ended March 31, 2004, as well as pro forma condensed consolidated balance sheet information as of March 31, 2004. These statements adjust historical financials to reflect the impact of the CCUK sale and debt repayment as if they had already occurred.

The report contains forward-looking statements that are subject to numerous risks and uncertainties. While the company provides these statements to offer its perspective on future prospects and performance, they are not guarantees of future results and are subject to various factors that could cause actual outcomes to differ materially.