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Crown Castle to offer about $855M in common stock

Crown Castle International Corp. plans to offer 7,765,000 shares of common stock to the public.

Net proceeds will go toward general corporate purposes, including paying down or repurchasing debt.

Citigroup and J.P. Morgan are underwriting the offering.

Based on the company's closing share price of $110.06 on Feb. 28, S&P Global Market Intelligence estimates gross proceeds to total about $854.6 million.