Crown Castle Announces Pricing of Senior Notes Offering

Rhea-AI Summary

Crown Castle announced the pricing of its public offering of 5.000% Senior Notes due 2028, amounting to $1.0 billion. The notes will yield 5.021% and will be issued at 99.908% of face value. The net proceeds of approximately $990 million are designated for repaying existing revolving credit facility debts and covering related costs. The offering is managed by several financial institutions and adheres to SEC regulations. This move reflects Crown Castle's strategy to manage its debt efficiently amid prevailing market conditions.

Positive

• Pricing of 5.000% Senior Notes due 2028 indicates strong investor interest.
• Net proceeds of approximately $990 million will reduce existing debt levels.

Negative

• The offering comes amid prevailing market uncertainties, which could impact future financial performance.

HOUSTON, Jan. 09, 2023 (GLOBE NEWSWIRE) -- Crown Castle Inc. (NYSE: CCI) (“Crown Castle”) announced today that it has priced its previously announced public offering of 5.000% Senior Notes due 2028 in aggregate principal amount of $1.0 billion. The Senior Notes due 2028 will have an interest rate of 5.000% per annum and will be issued at a price equal to 99.908% of their face value to yield 5.021%.

The net proceeds from the offering are expected to be approximately $990 million, after deducting the underwriting discount and other estimated offering expenses payable by Crown Castle. Crown Castle intends to use the net proceeds from this offering to repay outstanding indebtedness under its existing revolving credit facility and pay related fees and expenses.

BNP Paribas Securities Corp., J.P. Morgan Securities LLC, 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 85,000 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

BNP Paribas Securities Corp. 787 Seventh Avenue, 3rd Floor New York, New York 10019 Attention: Debt Syndicate Email: DL.US.Syndicate.Support@us.bnpparibas.com Toll Free: 800-854-5674	J.P. Morgan Securities LLC 383 Madison Avenue New York, NY 10179 Attention: Investment Grade Syndicate Desk Facsimile: 212-834-6081 Telephone: 1-212-834-4533
MUFG Securities Americas Inc. 1221 Avenue of the Americas, 6th Floor New York, New York 10020 Attn: Capital Markets Group Telephone: 212-405-7440 Facsimile: 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, NY 10281 Toll Free: 866-375-6829	Truist Securities, Inc. 3333 Peachtree Road NE, 11th Floor Atlanta, Georgia 30326 Telephone: 1-800-685-4786

CONTACTS
Dan Schlanger, CFO
Ben Lowe, SVP & Treasurer
Crown Castle Inc.
713-570-3050

FAQ

What is the amount of the Senior Notes offering by Crown Castle?

Crown Castle's Senior Notes offering is for an aggregate principal amount of $1.0 billion.

What is the interest rate on the Senior Notes due 2028?

The interest rate on the Senior Notes due 2028 is 5.000% per annum.

How does Crown Castle plan to use the net proceeds from the offering?

Crown Castle plans to use the net proceeds to repay outstanding indebtedness under its revolving credit facility.

What is the yield on the Senior Notes being offered?

The Senior Notes are expected to yield 5.021%.

Who are the joint book-running managers for the offering?

The joint book-running managers include BNP Paribas, J.P. Morgan, MUFG, PNC, RBC Capital Markets, and Truist Securities.