Free Writing Prospectus - Filing Under Securities Act Rules 163/433 (fwp)
June 05 2020 - 6:02AM
Edgar (US Regulatory)
Issuer Free Writing Prospectus
Filed Pursuant to Rule 433
Registration No. 333-223921
June 4, 2020
Crown Castle
International Corp.
$500,000,000 1.350% Senior Notes due 2025
$1,100,000,000 2.250% Senior Notes due 2031
$900,000,000 3.250% Senior Notes due 2051
June 4, 2020
Pricing Term Sheet
The information in this pricing term
sheet supplements the Issuer’s Preliminary Prospectus Supplement, dated June 4, 2020, and supersedes the information in the Preliminary Prospectus Supplement to the extent it is inconsistent with the information contained therein. This
pricing term sheet is qualified in its entirety by reference to the Preliminary Prospectus Supplement. Financial information presented in the Preliminary Prospectus Supplement or incorporated by reference therein is deemed to have changed to the
extent affected by the changes described herein. This pricing term sheet should be read together with the Preliminary Prospectus Supplement, including the documents incorporated by reference therein, and the accompanying prospectus dated
March 26, 2018 before making a decision in connection with an investment in the securities. Capitalized terms used in this pricing term sheet but not defined have the meanings given to them in the Preliminary Prospectus Supplement.
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Issuer:
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Crown Castle International Corp.
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Security
Description:
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1.350% Senior Notes due 2025 (the “2025
Notes”)
2.250% Senior Notes due 2031 (the “2031 Notes”)
3.250% Senior Notes due 2051 (the “2051 Notes”)
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Ratings
(Moody’s / S&P / Fitch)*:
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Baa3 / BBB- / BBB+
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Distribution:
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SEC-registered
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Aggregate
Principal Amount:
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2025 Notes: $500,000,000
2031 Notes: $1,100,000,000
2051 Notes: $900,000,000
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Gross
Proceeds:
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2025 Notes: $498,680,000
2031 Notes: $1,098,130,000
2051 Notes: $898,074,000
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Maturity
Date:
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2025 Notes: July 15, 2025
2031 Notes: January 15, 2031
2051 Notes: January 15,
2051
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Coupon:
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2025 Notes: 1.350%
2031 Notes: 2.250%
2051 Notes: 3.250%
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Benchmark
Treasury:
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2025 Notes: 0.250% due May 31, 2025
2031 Notes: 0.625% due May 15, 2030
2051 Notes: 2.000% due
Feb 15, 2050
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Benchmark Treasury Price and Yield:
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2025 Notes: 99-073⁄4; 0.404%
2031 Notes: 98-05; 0.818%
2051 Notes: 109-05; 1.611%
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Spread to
Benchmark Treasury:
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2025 Notes: T + 100 basis points
2031 Notes: T + 145 basis points
2051 Notes: T + 165 basis
points
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Price to
Public:
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2025 Notes: 99.736% of principal amount
2031 Notes: 99.830% of principal amount
2051 Notes: 99.786% of
principal amount
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Yield to
Maturity:
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2025 Notes: 1.404%
2031 Notes: 2.268%
2051 Notes: 3.261%
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Interest
Payment Dates:
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2025 Notes: January 15 and July 15,
commencing January 15, 2021
2031 Notes: January 15 and July 15, commencing January 15, 2021
2051 Notes: January 15 and July 15, commencing January 15, 2021
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Record
Dates:
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2025 Notes: January 1 and July 1
2031 Notes: January 1 and July 1
2051 Notes:
January 1 and July 1
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Make-Whole Call:
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2025 Notes: Prior to June 15, 2025 (one
month prior to the maturity date of the 2025 Notes), at greater of par and make-whole at discount rate of Treasury plus 15 basis points
2031 Notes: Prior to October 15, 2030 (three months prior to the maturity date of the 2031 Notes), at greater of par and make-whole at discount rate of
Treasury plus 25 basis points
2051 Notes: Prior to July 15, 2050 (six months
prior to the maturity date of the 2051 Notes), at greater of par and make-whole at discount rate of Treasury plus 25 basis points
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Par
Call:
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2025 Notes: At any time on or after
June 15, 2025 (one month prior to the maturity date of the 2025 Notes)
2031
Notes: At any time on or after October 15, 2030 (three months prior to the maturity date of the 2031 Notes)
2051 Notes: At any time on or after July 15, 2050 (six months prior to the maturity date of the 2051
Notes)
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Trade
Date:
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June 4, 2020
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Settlement Date:
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June 15, 2020 (T+7)
We expect to deliver the Notes against payment for the Notes on the 7th business day
following the pricing of the Notes (“T+7”). Under Rule 15c6-1 of the Exchange Act, trades in the secondary market generally are required to settle in two business days, unless the parties to a trade
expressly agree otherwise. Accordingly, purchasers who wish to trade Notes on the date of pricing or the next succeeding four business days will be required, by virtue of the fact that the Notes initially will settle in T+7, to specify alternative
settlement arrangements to prevent a failed settlement.
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Use of
Proceeds:
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We expect to receive net proceeds of
approximately $2.473 billion from the sale of the Notes to the underwriters, after deducting the underwriting discount and estimated offering expenses payable by us.
We intend to use the net proceeds from this offering, together with available cash, to redeem or repurchase all of our outstanding 3.400% Senior Notes due
2021, 2.250% Senior Notes due 2021 and 4.875% Senior Notes due 2022.
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CUSIP:
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2025 Notes: 22822VAS0
2031 Notes: 22822VAT8
2051 Notes: 22822VAU5
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ISIN:
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2025 Notes: US22822VAS07
2031 Notes: US22822VAT89
2051 Notes: US22822VAU52
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Denominations/Multiple:
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$2,000 x $1,000
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Joint
Book-Running Managers:
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J.P. Morgan Securities LLC
Mizuho Securities USA LLC
SG Americas Securities, LLC
SMBC Nikko Securities America, Inc.
TD Securities (USA) LLC
Barclays Capital Inc.
BNP Paribas Securities Corp.
BofA Securities, Inc.
Citigroup Global Markets Inc.
Commerz Markets LLC
Credit Agricole Securities (USA) Inc.
Deutsche Bank Securities
Inc.
Fifth Third Securities, Inc.
Morgan Stanley &
Co. LLC
MUFG Securities Americas Inc.
PNC Capital Markets
LLC
RBC Capital Markets, LLC
Scotia Capital (USA) Inc.
SunTrust Robinson Humphrey, Inc.
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Co-Managers:
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Citizens Capital Markets, Inc.
U.S. Bancorp Investments, Inc.
Wells Fargo Securities,
LLC
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* A securities rating is not a recommendation to buy, sell, or hold securities and should be evaluated independently of any
other rating. The rating is subject to revision or withdrawal at any time by the assigning rating organization.
The issuer has filed a registration
statement (including a prospectus) with the SEC for the offering to which this communication relates. Before you invest, you should read the prospectus in that registration statement and other documents the issuer has filed with the SEC for more
complete information about the issuer and this offering. You may get these documents for free by visiting EDGAR on the SEC Web site at www.sec.gov. Alternatively, the issuer, any underwriter or any dealer participating in the offering will arrange
to send you the prospectus if you request it by calling J.P. Morgan Securities LLC (collect) at (212) 834-4533, Mizuho Securities USA LLC (toll-free) at (866) 271-7403,
SG Americas Securities, LLC (toll-free) at (800) 861-9789, SMBC Nikko Securities America, Inc. (toll-free) at (888) 868-6856 and TD Securities (USA) LLC (toll-free) at
(855) 495-9846.
This pricing term sheet does not constitute an offer to sell, or a solicitation of an offer
to buy any security in any state or jurisdiction in which such offer, solicitation or sale would be unlawful.
Any disclaimer or other notice that may
appear below is not applicable to this communication and should be disregarded. Such disclaimer or notice was automatically generated as a result of this communication being sent by Bloomberg or another email system.
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