Crown Castle Prices $1.0 Billion in Senior Secured Tower Revenue Notes Offering
May 01 2015 - 7:30AM
Crown Castle International Corp. (NYSE:CCI) ("Crown Castle")
announced today that it has priced $1.0 billion of Senior Secured
Tower Revenue Notes ("Offered Notes") which will be issued by
certain of its indirect subsidiaries in a private transaction as
additional debt securities under the existing Indenture dated as of
June 1, 2005, as amended and supplemented ("Indenture"), pursuant
to which the Senior Secured Tower Revenue Notes, Series 2010-2,
Series 2010-3, Series 2010-4 ("2010-4 Notes"), Series 2010-5 and
Series 2010-6, were issued.
The Offered Notes consist of two classes of Notes, both of which
are expected to be rated investment grade. The Class C-2022 Notes
consist of $300 million of 3.222% Notes and have an expected life
of seven years with a final maturity date in May 2042. The Class
C-2025 Notes consist of $700 million of 3.663% Notes and have an
expected life of ten years with a final maturity date in May 2045.
The Offered Notes were priced at par. The Offered Notes have a
weighted average expected life of 9.1 years with a weighted average
coupon of 3.531%.
Crown Castle expects to use the net proceeds received from this
offering to retire the 2010-4 Notes, pay fees and expenses related
to the offering of the Offered Notes and the retirement of the
2010-4 Notes and for general corporate purposes. Crown Castle
expects the offering of the Offered Notes to close on or about May
15, 2015.
This press release is not an offer to sell or the solicitation
of an offer to buy, nor shall there be any sale of the Offered
Notes in any jurisdiction in which any such offer, solicitation, or
sale would be unlawful prior to the registration or qualification
under the securities laws of any such jurisdiction. The Offered
Notes will be offered to qualified institutional buyers under Rule
144A, to persons outside of the U.S. under Regulation S and to
institutional investors that are Accredited Investors under Rule
501. The Offered Notes will not be registered under the Securities
Act of 1933, as amended ("Securities Act"), or any state securities
laws, and, unless so registered, may not be offered or sold in the
United States except pursuant to an exemption from the registration
requirements of the Securities Act and applicable state securities
laws.
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 U.S. 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 current expectations. Such
statements include plans, projections and estimates regarding (1)
the proposed offering of the Offered Notes, including timing, (2)
the rating of the Offered Notes, (3) the terms of the Offered
Notes, including with respect to the expected life of the Offered
Notes and (4) the use of proceeds from the Offered Notes. 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, CFO Son Nguyen, VP - Corporate Finance
Crown Castle International Corp. 713-570-3050
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