Crown Castle Completes New $5.5 Billion Credit Facility
January 21 2016 - 4:15PM
Crown Castle International Corp. (NYSE:CCI) (“Crown Castle”)
announced today that it has completed a new $5.5 billion Senior
Unsecured Credit Facility (“New Facility”), consisting of a $2.5
billion Senior Unsecured Revolving Credit Facility (“Revolver”)
maturing on January 21, 2021, a $1.0 billion Senior Unsecured
364-Day Revolving Credit Facility (“364-Day Facility”) maturing on
January 19, 2017, and a $2.0 billion Senior Unsecured Term Loan A
Facility (“Term Loan A”) maturing on January 21, 2021. The
364-Day Facility and Term Loan A were fully drawn at closing, and
$855 million was drawn on the Revolver at closing. At
closing, there was approximately $1.6 billion in availability under
the Revolver.
The New Facility bears interest at a per annum
rate equal to LIBOR plus 1.125% to 2.000%, based on Crown Castle’s
senior unsecured debt rating.
The proceeds of the loans under the New
Facility, together with cash on hand, were used 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 available in Crown Castle’s Current Report on Form 8-K to
be filed with the Securities and Exchange Commission on or prior to
January 27, 2016.
ABOUT CROWN CASTLECrown 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 StatementsThis press release contains
forward-looking statements that are based on Crown Castle
management's current expectations. Such statements include plans,
projections and estimates regarding 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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