Crown Castle Announces Pricing of Senior Notes Offering

Rhea-AI Summary

Crown Castle priced its public offering of Senior Notes, raising a total of approximately $1.334 billion. The offering includes $600 million in 4.800% Senior Notes due in 2028, priced at 99.773% of face value, and $750 million in 5.100% Senior Notes due in 2033, priced at 99.914%. Proceeds will be used primarily to repay existing revolving credit facility debt and cover related expenses. The offering is managed by major financial institutions and is registered under the SEC existing effective shelf registration. The company operates over 40,000 cell towers and 85,000 miles of fiber across the U.S., providing essential communication infrastructure.

Positive

• Successful pricing of $1.334 billion in Senior Notes.
• Reduction of debt through repayment of existing revolving credit facility.
• Long-term financing with competitive interest rates (4.800% for 2028, 5.100% for 2033).

Negative

• None.

HOUSTON, April 24, 2023 (GLOBE NEWSWIRE) -- Crown Castle Inc. (NYSE: CCI) (“Crown Castle”) announced today that it has priced its previously announced public offering of 4.800% Senior Notes due 2028 and 5.100% Senior Notes due 2033 in aggregate principal amounts of $600 million and $750 million, respectively. The Senior Notes due 2028 will have an interest rate of 4.800% per annum and will be issued at a price equal to 99.773% of their face value to yield 4.850%. The Senior Notes due 2033 will have an interest rate of 5.100% per annum and will be issued at a price equal to 99.914% of their face value to yield 5.111%.

The net proceeds from the offering are expected to be approximately $1.334 billion, 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.

Barclays Capital Inc., BofA Securities, Inc., Credit Agricole Securities (USA) Inc., Morgan Stanley & Co. LLC, Scotia Capital (USA) Inc. and SG Americas Securities, LLC 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

Barclays Capital Inc. 745 Seventh Avenue New York, New York 10019 Toll Free: 1-888-603-5847	BofA Securities, Inc. One Bryant Park New York, New York 10036 Toll Free: 1-800-294-1322
Credit Agricole Securities (USA) Inc. 1301 Avenue of the Americas New York, New York 10019 Attention: Debt Capital Markets Toll Free: +1 866 807 6030	Morgan Stanley & Co. LLC 1585 Broadway New York, New York 10036 Toll Free: 1-866-718-1649
Scotia Capital (USA) Inc. 250 Vesey Street New York, New York 10281 Toll Free: 1-800-372-3930	SG Americas Securities, LLC 245 Park Avenue New York, New York 10167 Toll Free: 1-855-881-2108

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

FAQ

What is Crown Castle's plan for the $1.334 billion raised from the bond offering?

Crown Castle intends to use the proceeds to repay existing debt under its revolving credit facility and cover related expenses.

What are the interest rates for Crown Castle's Senior Notes due 2028 and 2033?

The Senior Notes due 2028 have an interest rate of 4.800%, and those due 2033 have an interest rate of 5.100%.

How much did Crown Castle raise from its recent public offering?

Crown Castle raised approximately $1.334 billion from its public offering of Senior Notes.

Who are the joint book-running managers for Crown Castle's bond offering?

The joint book-running managers include Barclays Capital, BofA Securities, Credit Agricole Securities, Morgan Stanley, Scotia Capital, and SG Americas Securities.