Crown Castle Announces Proposed New Senior Unsecured Credit Facilities
January 11 2016 - 4:15PM
Crown Castle International Corp. (NYSE:CCI) (“Crown Castle”)
announced today that it has received commitments from a group of
lenders for a new $5.5 billion Senior Unsecured Credit Facility
(“New Facility”), which is expected to consist of up to $3.5
billion of Senior Unsecured Revolving Credit Facilities and a $2.0
billion Senior Unsecured Term Loan A Facility. The borrower
under the New Facility will be Crown Castle International
Corp. The New Facility is subject to negotiation, execution
and delivery of definitive loan documentation and customary closing
conditions. Crown Castle expects to close the New Facility
prior to releasing its fourth quarter 2015 results, currently
scheduled to occur after the market closes on Wednesday, January
27, 2016.
Crown Castle intends to use net proceeds from
the New Facility, together with cash on hand, to repay all
outstanding borrowings under the existing Senior Secured Credit
Facility of Crown Castle Operating Company (“Existing Facility”).
As of September 30, 2015, the Existing Facility consisted of
a $2.2 billion revolving credit facility, of which $1.0 billion of
borrowings was outstanding, and $2.9 billion of term loans
outstanding. Crown Castle’s full year 2016 Outlook for
interest expense remains $517 million to $537 million, which is
unchanged from its previously provided Outlook. Additional
details regarding the New Facility will be made available at the
time of closing.
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 15,000 small cell
nodes supported by approximately 16,000 miles of fiber, Crown
Castle is the nation’s largest provider of shared wireless
infrastructure with a significant presence in the top 100 U.S.
markets. 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 current
expectations. Such statements include plans, projections and
estimates regarding (i) the proposed New Facility, (ii) the terms
of the New Facility, (iii) the use of proceeds from the New
Facility, (iv) the timing and closing of the New Facility and (v)
interest expense. 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's results is
included in our filings with the Securities and Exchange
Commission. The term “including”, and any variation thereof,
means “including, without limitation”.
Contacts: Jay Brown, CFOSon Nguyen, VP - Corporate FinanceCrown
Castle International Corp.713-570-3050
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