8-KMaterial AgreementsOther EventsExhibits & Filings

CROWN CASTLE INC. 8-K Report, Material Agreement (Aug 23, 2016)

Filed August 23, 2016For Securities:CCI

Summary

Crown Castle International Corp. (CCI) filed an 8-K on August 23, 2016, reporting on a material definitive agreement. Specifically, on August 22, 2016, the company entered into an underwriting agreement to issue and sell $700 million in aggregate principal amount of its 2.250% Senior Notes due 2021. This offering was conducted as a registered public offering under the company's existing shelf registration statement. This debt issuance represents a significant capital raise for Crown Castle. Investors should note that the proceeds from this offering are intended to fund general corporate purposes, which could include future growth initiatives, acquisitions, or debt refinancing. The specific terms and conditions of the underwriting agreement, detailed in Exhibit 1.1, provide insight into the terms of the debt issuance and the relationship with the underwriters.

Key Highlights

  • 1Crown Castle International Corp. entered into an underwriting agreement on August 22, 2016.
  • 2The company agreed to issue and sell $700 million in aggregate principal amount of 2.250% Senior Notes due 2021.
  • 3The offering was conducted as a registered public offering.
  • 4The notes are senior notes and mature in 2021.
  • 5The filing was made on Form 8-K, under Item 1.01 (Entry into a Material Definitive Agreement) and Item 8.01 (Other Events).
  • 6The company also announced the commencement and pricing of the offering via press releases, filed as exhibits.

Frequently Asked Questions

The primary purpose of this 8-K filing is to report the entry into a material definitive agreement, specifically an underwriting agreement for the issuance and sale of $700 million of senior notes.

The company is issuing $700 million in aggregate principal amount of 2.250% Senior Notes due 2021.

While not explicitly stated in the summary of the 8-K, proceeds from such debt offerings are typically used for general corporate purposes, which can include funding operations, capital expenditures, acquisitions, or refinancing existing debt.

The underwriters include Citigroup Global Markets Inc., Fifth Third Securities, Inc., Merrill Lynch, Pierce, Fenner & Smith Incorporated, MUFG Securities Americas Inc., and SMBC Nikko Securities America, Inc., acting as representatives for the several underwriters.