Crown Castle Announces Pricing of Senior Notes Offering
Crown Castle Inc. (NYSE: CCI) has announced the pricing of its public offering of Senior Notes. The company is issuing $550 million of 4.900% Senior Notes due 2029 at 99.736% of face value, yielding 4.959%, and $700 million of 5.200% Senior Notes due 2034 at 99.332% of face value, yielding 5.286%. The net proceeds, expected to be approximately $1.230 billion, will be used to repay a portion of the outstanding indebtedness under Crown Castle's commercial paper program and pay related fees and expenses.
The offering is being made through a group of joint book-running managers, including BofA Securities, BNP Paribas Securities, MUFG Securities Americas, PNC Capital Markets, RBC Capital Markets, and Truist Securities. It is being conducted under Crown Castle's existing effective shelf registration statement filed with the SEC.
Crown Castle Inc. (NYSE: CCI) ha annunciato il prezzo della sua offerta pubblica di Senior Notes. La società emette 550 milioni di dollari di Senior Notes al 4,900% in scadenza nel 2029 al 99,736% del valore nominale, con un rendimento del 4,959%, e 700 milioni di dollari di Senior Notes al 5,200% in scadenza nel 2034 al 99,332% del valore nominale, con un rendimento del 5,286%. I proventi netti, attesi intorno a 1,230 miliardi di dollari, saranno utilizzati per ripagare una parte del debito in essere sotto il programma di commercial paper di Crown Castle e per coprire spese e costi correlati.
L'offerta viene effettuata attraverso un gruppo di gestori di libro collegati, tra cui BofA Securities, BNP Paribas Securities, MUFG Securities Americas, PNC Capital Markets, RBC Capital Markets e Truist Securities. Viene realizzata ai sensi della dichiarazione di registrazione effettiva già esistente di Crown Castle, depositata presso la SEC.
Crown Castle Inc. (NYSE: CCI) ha anunciado el precio de su oferta pública de Senior Notes. La empresa está emitiendo 550 millones de dólares de Senior Notes al 4,900% con vencimiento en 2029 al 99,736% del valor nominal, lo que rinde el 4,959%, y 700 millones de dólares de Senior Notes al 5,200% con vencimiento en 2034 al 99,332% del valor nominal, lo que rinde el 5,286%. Se espera que los ingresos netos, aproximadamente 1,230 mil millones de dólares, se utilicen para pagar parte de la deuda pendiente bajo el programa de papel comercial de Crown Castle y para cubrir tarifas y gastos relacionados.
La oferta se está realizando a través de un grupo de gestores conjuntos de libro, incluyendo a BofA Securities, BNP Paribas Securities, MUFG Securities Americas, PNC Capital Markets, RBC Capital Markets y Truist Securities. Se lleva a cabo bajo la declaración de registro efectiva vigente de Crown Castle presentada ante la SEC.
Crown Castle Inc. (NYSE: CCI)는 Senior Notes의 공모 가격을 발표했습니다. 이 회사는 2029년에 만기되는 4.900% Senior Notes 5억 5천만 달러를 99.736%의 액면가로 발행하여 4.959%의 수익률을 제공하며, 2034년에 만기되는 5.200% Senior Notes 7억 달러를 99.332%의 액면가로 발행하여 5.286%의 수익률을 제공합니다. 예상 순수익은 약 12억 3천만 달러로, Crown Castle의 상업 어음 프로그램 하에 있는 채무 일부를 상환하고 관련 수수료 및 비용을 지불하는 데 사용될 예정입니다.
이 공모는 BofA Securities, BNP Paribas Securities, MUFG Securities Americas, PNC Capital Markets, RBC Capital Markets, Truist Securities 등 공동 주관 관리자의 그룹을 통해 이루어지고 있습니다. 이 공모는 SEC에 제출된 Crown Castle의 기존 유효한 등록 명세서에 따라 진행되고 있습니다.
Crown Castle Inc. (NYSE: CCI) a annoncé le prix de son offre publique de Senior Notes. L'entreprise émet 550 millions de dollars de Senior Notes à 4,900% arrivant à échéance en 2029 à 99,736% de la valeur nominale, offrant un rendement de 4,959%, et 700 millions de dollars de Senior Notes à 5,200% arrivant à échéance en 2034 à 99,332% de la valeur nominale, offrant un rendement de 5,286%. Les produits nets, attendus à environ 1,230 milliard de dollars, seront utilisés pour rembourser une partie de l'endettement existant dans le cadre du programme de papier commercial de Crown Castle et pour payer les frais et dépenses connexes.
L'offre est réalisée par un groupe de directeurs de livre associés, comprenant BofA Securities, BNP Paribas Securities, MUFG Securities Americas, PNC Capital Markets, RBC Capital Markets et Truist Securities. Elle est effectuée en vertu de la déclaration de registration de shelf existante et effective de Crown Castle déposée auprès de la SEC.
Crown Castle Inc. (NYSE: CCI) hat den Preis für ihr öffentliches Angebot von Senior Notes bekannt gegeben. Das Unternehmen emittiert 550 Millionen US-Dollar an Senior Notes mit einem Zinssatz von 4,900%, die im Jahr 2029 fällig sind, zu 99,736% des Nennwerts und bietet eine Rendite von 4,959%, sowie 700 Millionen US-Dollar an Senior Notes mit einem Zinssatz von 5,200%, die im Jahr 2034 fällig sind, zu 99,332% des Nennwerts mit einer Rendite von 5,286%. Die Nettomittel, die voraussichtlich etwa 1,230 Milliarden US-Dollar betragen werden, werden verwendet, um einen Teil der bestehenden Verschuldung im Rahmen des gewerblichen Papierprogramms von Crown Castle zurückzuzahlen und damit verbundene Gebühren und Ausgaben zu decken.
Das Angebot erfolgt über eine Gruppe von gemeinsam führenden Buchmanagern, darunter BofA Securities, BNP Paribas Securities, MUFG Securities Americas, PNC Capital Markets, RBC Capital Markets und Truist Securities. Das Angebot wird gemäß der bestehenden effektiven Shelf-Registrierungserklärung von Crown Castle durchgeführt, die bei der SEC eingereicht wurde.
- Successful pricing of $1.25 billion in Senior Notes
- Net proceeds of approximately $1.230 billion to be raised
- Debt refinancing to potentially improve financial structure
- Increase in long-term debt obligations
- Potential impact on interest expenses due to new notes
Insights
Crown Castle's latest senior notes offering is a significant move that warrants attention from investors. The company is raising
The pricing of these notes is particularly interesting. The 2029 notes, priced at
Crown Castle's intention to use the proceeds to repay commercial paper debt indicates a strategic move to refinance short-term obligations with longer-term debt. This could potentially improve the company's debt maturity profile and provide more financial flexibility. However, investors should note that this doesn't reduce the overall debt burden but rather reshuffles it.
The involvement of major financial institutions as joint book-running managers lends credibility to the offering. However, it's important to consider how this additional debt might impact Crown Castle's balance sheet and future interest expenses. Investors should closely monitor the company's debt-to-EBITDA ratio and interest coverage metrics in upcoming quarters to assess the impact of this offering on the company's financial health.
Rating: 0Crown Castle's decision to issue new senior notes amidst the current economic climate is telling. The telecom infrastructure sector, in which Crown Castle operates, is capital-intensive and relies heavily on debt financing for growth and maintenance. This offering suggests that the company sees ongoing opportunities in the market, possibly related to the continuing rollout of 5G networks.
The pricing of the notes provides insight into investor sentiment towards Crown Castle and the broader telecom infrastructure sector. The relatively tight yield spreads indicate a degree of investor confidence in the company's credit quality and future prospects. However, the slight discount to face value suggests some caution, possibly due to broader economic uncertainties or sector-specific challenges.
It's worth noting that this offering comes at a time when interest rates have been rising. The fact that Crown Castle can still access the debt markets at these rates speaks to its strong market position and credit rating. However, investors should be aware that rising interest rates could impact the company's future borrowing costs and, by extension, its profitability.
The use of proceeds to repay commercial paper debt is a prudent move, potentially reducing short-term refinancing risk. However, it also signals that Crown Castle has been relying on short-term debt, which could be seen as a less stable financing strategy. Investors should monitor whether this marks a shift towards more long-term financing or if it's a one-off adjustment.
Rating: 0
HOUSTON, Aug. 01, 2024 (GLOBE NEWSWIRE) -- Crown Castle Inc. (NYSE: CCI) (“Crown Castle”) announced today that it has priced its previously announced public offering of
The net proceeds from the offering are expected to be approximately
BofA Securities, Inc., BNP Paribas Securities Corp., MUFG Securities Americas Inc., PNC Capital Markets LLC, RBC Capital Markets, LLC and Truist Securities, Inc. are the joint book-running managers of the offering.
The offering is being made pursuant to Crown Castle’s existing effective shelf registration statement filed with the Securities and Exchange Commission (“SEC”). The offering will be made only by means of a prospectus supplement and the accompanying base prospectus, copies of which may be obtained by contacting any joint book-running manager using the information provided below. An electronic copy of the preliminary prospectus supplement, together with the accompanying prospectus, is also available on the SEC’s website, www.sec.gov.
This press release shall not constitute an offer to sell or a solicitation of an offer to buy the securities described herein, nor shall there be any sale of these securities in any state or other jurisdiction in which such an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.
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 the proposed offering, including the net proceeds therefrom and the use of such proceeds. 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 and its results is included in Crown Castle’s filings with the SEC. The term “including,” and any variation thereof, means “including, without limitation.”
ABOUT CROWN CASTLE
Crown Castle owns, operates and leases more than 40,000 cell towers and approximately 90,000 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.
JOINT BOOK-RUNNING MANAGERS CONTACT INFORMATION
| BofA Securities, Inc. NC1-022-02-25 201 North Tryon Street Charlotte, North Carolina 28255 Attention: Prospectus Department Email: dg.prospectus_requests@bofa.com | BNP Paribas Securities Corp. 787 Seventh Avenue, 3rd Floor New York, New York 10019 Attention: Debt Syndicate Phone: 1-800-854-5674 |
| MUFG Securities Americas Inc. 1221 Avenue of the Americas, 6th Floor New York, New York 10020 Attention: Capital Markets Group Facsimile: 1-646-434-3455 | PNC Capital Markets LLC 300 Fifth Avenue, 10th Floor Pittsburgh, Pennsylvania 15222 Toll Free: 1-855-881-0697 |
| RBC Capital Markets, LLC Brookfield Place 200 Vesey Street, 8th Floor New York, New York 10281 Attention: Syndicate Operations Email: rbcnyfixedincomeprospectus@rbccm.com Toll Free: 1-866-375-6829 Fax: 1-212-428-6308 | Truist Securities, Inc. 50 Hudson Yards, 70th Floor New York, New York 10001 Toll Free: 1-800-685-4786 |
CONTACTS
Dan Schlanger, CFO
Kris Hinson, VP & Treasurer
Crown Castle Inc.
713-570-3050
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