Crown Castle Announces Pricing of Senior Notes Offering
March 31 2020 - 6:11PM
Crown Castle International Corp. (NYSE: CCI) ("Crown Castle")
announced today that it has priced its previously announced public
offering of 3.300% Senior Notes due 2030 and 4.150% Senior Notes
due 2050 in aggregate principal amounts of $750 million and $500
million, respectively. The Senior Notes due 2030 will have an
interest rate of 3.300% per annum and will be issued at a price
equal to 99.179% of their face value to yield 3.396%. The Senior
Notes due 2050 will have an interest rate of 4.150% per annum and
will be issued at a price equal to 98.900% of their face value to
yield 4.215%.
The net proceeds from the offering are expected
to be approximately $1.225 billion, after deducting the
underwriting discount and other estimated offering expenses payable
by Crown Castle. Crown Castle intends to use the net proceeds from
this offering to repay outstanding indebtedness under its existing
revolving credit facility.
BofA Securities, Inc. and Morgan Stanley are the
joint book-running managers of the offering.
The offering is being made pursuant to the
existing effective shelf registration statement filed with
the Securities and Exchange Commission (“SEC”). The
offering will be made only by means of a prospectus supplement and
the accompanying base prospectus, copies of which may be obtained
by contacting any joint book-running manager using the information
provided below. An electronic copy of the preliminary
prospectus supplement, together with the accompanying prospectus,
is also available on the SEC’s website, www.sec.gov.
This press release shall not constitute an offer
to sell or a solicitation of an offer to buy the securities
described herein, nor shall there be any sale of these securities
in any state or other jurisdiction in which such an offer,
solicitation or sale would be unlawful prior to registration or
qualification under the securities laws of any such state or
jurisdiction.
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 the proposed offering, including the net
proceeds therefrom and the use of such proceeds. 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 and its results is included
in Crown Castle’s filings with the SEC. The term "including,"
and any variation thereof, means "including, without
limitation."
ABOUT CROWN CASTLE
Crown Castle owns, operates and leases more than
40,000 cell towers and approximately 80,000 route miles of fiber
supporting small cells and fiber solutions across every major U.S.
market. This nationwide portfolio of communications infrastructure
connects cities and communities to essential data, technology and
wireless service - bringing information, ideas and innovations to
the people and businesses that need them.
JOINT BOOK-RUNNING MANAGERS CONTACT
INFORMATION
BofA Securities, Inc. NC1-004-03-43200 North College Street, 3rd
floorCharlotte NC 28255-0001Attn: Prospectus Department
Email: dg.prospectus_requests@bofa.com |
Morgan Stanley & Co. LLC180 Varick StreetNew York, New York
10014Attention: Prospectus DepartmentTel: (866)
718-1649prospectus@morganstanley.com |
CONTACTSDan Schlanger, CFOBen Lowe, VP & TreasurerCrown
Castle International Corp.713-570-3050
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