Crown Castle Announces Potential Subsidiary Notes Offering
June 20 2018 - 9:11AM
Crown Castle International Corp. (NYSE:CCI) (“Crown Castle”)
announced today that certain of its indirect subsidiaries intend to
offer, in a private transaction and subject to market and other
conditions, up to $1,000 million of Senior Secured Tower Revenue
Notes (“Offered Notes”), as additional debt securities under the
existing Indenture dated as of June 1, 2005, as amended and
supplemented (“Indenture”), pursuant to which the outstanding
Senior Secured Tower Revenue Notes, Series 2010-6 (“Series 2010-6
Notes”), Series 2015-1 and Series 2015-2 were issued. The
subsidiaries expected to issue the Offered Notes are special
purpose entities that are the current issuers under the Indenture
and that hold over a quarter of Crown Castle’s towers. The
servicing and repayment of any such Offered Notes are expected to
be made solely from the cash flows from the operation of the towers
that are part of the transaction.
If the offering is consummated, Crown Castle expects to use the
net proceeds from such offering, together with cash contributed by
Crown Castle or one of its subsidiaries, to retire all of the
Series 2010-6 Notes and pay fees and expenses related to the
offering of the Offered Notes and the retirement of the Series
2010-6 Notes.
This press release is not an offer to sell or the solicitation
of an offer to buy the Offered Notes, nor shall there be any sale
of the Offered Notes in any jurisdiction in which any such offer,
solicitation, or sale would be unlawful prior to the registration
or qualification under the securities laws of any such
jurisdiction. The Offered Notes will be offered to qualified
institutional buyers under Rule 144A, to persons outside of the
U.S. under Regulation S and to institutional investors that are
Accredited Investors under Rule 501. The Offered Notes will not be
registered under the Securities Act of 1933, as amended
(“Securities Act”), or any state securities laws, and, unless so
registered, may not be offered or sold in the United States except
pursuant to an exemption from the registration requirements of the
Securities Act and applicable state securities laws.
ABOUT CROWN CASTLE
Crown Castle owns, operates and leases more than 40,000 cell
towers and approximately 60,000 route miles of fiber supporting
small cells and fiber solutions across every major U.S. market.
This nationwide portfolio of communications infrastructure connects
cities and communities to essential data, technology and wireless
service - bringing information, ideas and innovations to the people
and businesses that need them. For more information on Crown
Castle, please visit www.crowncastle.com.
Cautionary Language Regarding Forward Looking
Statements
This press release contains forward-looking statements that are
based on Crown Castle management’s current expectations. Such
statements include plans, projections and estimates regarding (i)
the proposed offering of the Offered Notes, (ii) the terms of the
Offered Notes, including with respect to servicing and repayment
and (iii) the use of proceeds from the Offered Notes. Such
forward-looking statements are subject to certain risks,
uncertainties and assumptions, including prevailing market
conditions and other factors. Should one or more of these risks or
uncertainties materialize, or should underlying assumptions prove
incorrect, actual results may vary materially from those expected.
More information about potential risk factors that could affect
Crown Castle’s results is included in our filings with the
Securities and Exchange Commission. The term “including”, and any
variation thereof, means “including, without limitation”.
Contacts:
Dan Schlanger, CFO & TreasurerBen Lowe, VP Corporate
FinanceCrown Castle International Corp.713-570-3050
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