Summary
Crown Castle Inc. (CCI) announced on November 26, 2002, the completion of an amendment to its UK revolving credit facility. This amendment was crucial for resolving a termination event caused by the liquidation of ITV Digital and the subsequent termination of its transmission contract. The revised facility, maturing on June 18, 2006, provides Crown Castle with £120.0 million in borrowing capacity, of which £100.0 million was already drawn as of November 22, 2002. The key terms of the amendment include the postponement of further reductions in the revolving credit facility until June 30, 2004, the elimination of certain financial covenants, and an increase in the applicable borrowing margin by 25 basis points. This restructuring provides greater financial flexibility and stability for the company's UK operations in the short to medium term.
Key Highlights
- 1Crown Castle Inc. amended its UK revolving credit facility on November 22, 2002, to address a termination event.
- 2The amendment was necessitated by the liquidation of ITV Digital and the termination of its transmission contract.
- 3The revised facility has a borrowing capacity of £120.0 million and matures on June 18, 2006.
- 4£100.0 million of the facility was drawn as of November 22, 2002.
- 5The amendments delay reductions in the revolver until June 30, 2004.
- 6Certain financial covenants have been eliminated.
- 7The applicable borrowing margin has been increased by 25 basis points.