Crown Castle Announces Potential Subsidiary Notes Offering
April 28 2015 - 2:21PM
Crown Castle International Corp. (NYSE:CCI) ("Crown Castle")
announced today that certain of its indirect subsidiaries intend to
offer, in a private transaction and subject to market conditions,
an amount to be determined of Senior Secured Tower Revenue Notes
("Offered Notes"), 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, Series 2010-5
and Series 2010-6 ("Series 2010 Notes"), were issued. The
subsidiaries expected to issue the Offered Notes are special
purpose entities that are the current issuers under the Indenture
and that hold over a quarter of the U.S., including Puerto Rico,
towers of Crown Castle. Crown Castle expects that any Offered Notes
issued will be rated investment grade. The servicing and repayment
of any such Offered Notes are expected to be made solely from the
cash flow from the operation of the U.S. towers that are part of
the transaction.
Crown Castle expects to use the net proceeds received from such
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.
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 (i)
the proposed offering of the Offered Notes, (ii) the rating of the
Offered Notes, (iii) the terms of the Offered Notes, including with
respect to servicing and repayment and (iv) 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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