Summary
Crown Castle International Corp. (CCI) has established a $1.0 billion unsecured commercial paper program (CP Program) as of April 8, 2019. This program allows the company to issue short-term unsecured commercial paper notes (CP Notes) with maturities of up to 397 days. The net proceeds from these issuances are intended for general corporate purposes. This initiative provides CCI with flexible, short-term financing to manage its operational needs.
Key Highlights
- 1Establishment of a $1.0 billion unsecured commercial paper program.
- 2Ability to issue short-term unsecured commercial paper notes (CP Notes).
- 3Maximum aggregate principal amount of CP Notes outstanding at any time is $1.0 billion.
- 4Proceeds to be used for general corporate purposes.
- 5Maturities of CP Notes can vary but will not exceed 397 days from the date of issue.
- 6Notes are issued under an exemption from registration requirements of the Securities Act of 1933.
- 7Five commercial paper dealers appointed to facilitate the program.
Frequently Asked Questions
The primary purpose of the commercial paper program is to provide Crown Castle International Corp. with a flexible source of short-term financing for general corporate purposes, allowing it to manage its liquidity needs efficiently.
The aggregate principal amount of commercial paper notes outstanding under the program cannot exceed $1.0 billion at any given time.
No, the commercial paper notes are not registered under the Securities Act of 1933. They are issued under an exemption from registration, specifically Section 4(a)(2) of the Securities Act, and may not be offered or sold without registration or an applicable exemption.
The maturities of the commercial paper notes will vary but may not exceed 397 days from their respective dates of issue.