8-KMaterial AgreementsFinancial EventsExhibits & Filings

CROWN CASTLE INC. 8-K Report, Material Agreement (Feb 11, 2019)

Filed February 11, 2019For Securities:CCI

Summary

Crown Castle International Corp. (CCI) has announced the successful closing of a public offering of senior unsecured notes, raising a total of $1 billion. This offering comprises $600 million of 4.300% Senior Notes due 2029 and $400 million of 5.200% Senior Notes due 2049. The company intends to use the net proceeds from this debt offering to repay outstanding borrowings under its existing revolving credit facility, indicating a strategic move to refinance existing debt with longer-term, fixed-rate instruments. These new notes rank as senior unsecured obligations, meaning they are on par with existing senior indebtedness but subordinate to any secured debt and structurally junior to the obligations of CCI's subsidiaries. The offering includes provisions for semi-annual interest payments, maturity dates in 2029 and 2049, and potential redemption by the company under specific terms, including a "make-whole" premium under certain conditions. The indenture governing these notes also imposes limitations on the incurrence of liens and mergers, subject to specified exceptions.

Key Highlights

  • 1Successfully closed a $1 billion public offering of senior unsecured notes.
  • 2Raised $600 million in 4.300% Senior Notes due 2029.
  • 3Raised $400 million in 5.200% Senior Notes due 2049.
  • 4Proceeds will be used to repay outstanding borrowings under the company's revolving credit facility.
  • 5Notes are senior unsecured obligations, ranking equally with existing senior indebtedness.
  • 6Indenture includes provisions for semi-annual interest payments, specific maturity dates, and potential redemption terms.
  • 7Indenture contains covenants limiting the incurrence of liens and certain corporate transactions.

Frequently Asked Questions

Crown Castle International Corp. raised a total of $1 billion through the public offering of its senior unsecured notes.

The net proceeds from this debt offering are intended to be used to repay outstanding borrowings under the Company's existing revolving credit facility.

The notes are senior unsecured obligations of the Company, ranking equally with all existing and future senior indebtedness. They will be effectively junior to all secured indebtedness to the extent of the collateral value and structurally subordinated to all liabilities of the Company's subsidiaries.

The 2029 Notes have a maturity date of February 15, 2029, and bear interest at a rate of 4.300% per annum. The 2049 Notes have a maturity date of February 15, 2049, and bear interest at a rate of 5.200% per annum.