Crown Castle Announces Pricing of Senior Notes Offering
February 08 2021 - 4:37PM
Crown Castle International Corp. (NYSE: CCI) ("Crown Castle")
announced today that it has priced its previously announced public
offering of 1.050% Senior Notes due 2026, 2.100% Senior Notes due
2031, and 2.900% Senior Notes due 2041, in aggregate principal
amounts of $1.0 billion, $1.0 billion and $1.25 billion,
respectively. The Senior Notes due 2026 will have an interest rate
of 1.050% per annum and will be issued at a price equal to 99.686%
of their face value to yield 1.110%. The Senior Notes due 2031 will
have an interest rate of 2.100% per annum and will be issued at a
price equal to 99.546% of their face value to yield 2.150%. The
Senior Notes due 2041 will have an interest rate of 2.900% per
annum and will be issued at a price equal to 99.558% of their face
value to yield 2.929%.
The net proceeds from the offering are expected
to be approximately $3.2 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 redeem or repurchase all of its outstanding 5.250%
Senior Notes due 2023, repay a portion of the outstanding
indebtedness under its commercial paper program, repay a portion of
borrowings under its Senior Unsecured Term Loan A Facility and pay
fees and expenses related to the foregoing.
Barclays, BofA Securities, Inc., Citigroup,
MUFG, and RBC Capital Markets 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.
Crown Castle has delivered a notice of
redemption in respect of its 5.250% Senior Notes due 2023, which
provides that all such notes will, conditional upon the closing of
the above-described offering (which is expected to occur on
February 16, 2021), be redeemed by Crown Castle on March 10, 2021,
in accordance with the indenture governing such notes.
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
Barclays Capital Inc. c/o Broadridge Financial Solutions 1155 Long
Island Avenue Edgewood, NY 11717 Telephone: 1-888-603-5847 E-mail:
barclaysprospectus@broadridge.com |
BofA Securities, Inc. NC1-004-03-43200 North College Street, 3rd
floorCharlotte NC 28255-0001Attn: Prospectus Department
E-mail: dg.prospectus_requests@bofa.com |
|
|
Citigroup Global Markets Inc.c/o
Broadridge Financial Solutions1155 Long Island AvenueEdgewood, NY
11717Telephone: 1-800-831-9146E-mail: prospectus@citi.com |
MUFG Securities Americas Inc.
1221 Avenue of the Americas, 6th Floor New York, NY 10020 Attn:
Capital Markets Group Telephone: 1-877-649-6848 |
|
|
RBC Capital Markets, LLC200 Vesey
Street, 8th FloorNew York, NY 10281Attn: Transaction
ManagementTelephone: 1-866-375-6829Facsimile:
212-658-6137E-Mail:rbcnyfixedincomeprospectus@rbccm.com |
|
CONTACTSDan Schlanger, CFOBen Lowe, VP & TreasurerCrown
Castle International Corp.713-570-3050
Crown Castle (NYSE:CCI)
Historical Stock Chart
From Apr 2024 to May 2024
Crown Castle (NYSE:CCI)
Historical Stock Chart
From May 2023 to May 2024