Summary
Crown Castle International Corp. (CCI) announced the closing of its public offering of $500 million principal amount of 7.125% Senior Notes due 2019 on October 23, 2009. These notes are general obligations of the company, ranking equally with existing and future senior debt, but will be effectively subordinated to the liabilities of CCI's subsidiaries. The issuance of these notes is governed by an indenture that includes covenants restricting the company's ability to make restricted payments, incur indebtedness, issue preferred stock, and engage in certain other transactions, subject to specified qualifications. The notes mature on November 1, 2019, and carry a semi-annual interest payment. Investors should note the provisions for a change of control repurchase option and various redemption rights available to the company, including early redemption with a make-whole premium and redemption using proceeds from equity offerings.
Key Highlights
- 1Closing of a $500 million public offering of 7.125% Senior Notes due 2019.
- 2Notes are general obligations of Crown Castle International Corp., ranking equally with existing and future senior debt.
- 3Effective subordination of the notes to all liabilities of the company's subsidiaries.
- 4Maturity date for the notes is November 1, 2019.
- 5Interest rate of 7.125% per annum, payable semi-annually.
- 6Indenture includes covenants restricting restricted payments, indebtedness, asset sales, and affiliate transactions.
- 7Provision for a change of control repurchase offer at 101% of principal plus accrued interest.