Crown Castle Announces Proposed Offering of Senior Notes

Rhea-AI Summary

Crown Castle International Corp. (NYSE: CCI) announced a public offering of senior notes, subject to market conditions. The net proceeds will be used to fully repay Senior Secured Tower Revenue Notes, Series 2015-1, Class C-2022, reduce commercial paper program debt, and for general corporate purposes. The offering is under an existing SEC shelf registration. Major banks involved include BNP Paribas, J.P. Morgan, and Truist Securities. The release contains forward-looking statements, indicating potential risks that could affect actual results.

Positive

• Intended use of proceeds includes repayment of existing debt, which may improve financial health.
• The offering is supported by a strong portfolio of over 40,000 cell towers and 80,000 miles of fiber.

Negative

• The public offering may lead to shareholder dilution.
• Market conditions could pose risks to the successful completion of the offering.

HOUSTON, June 15, 2021 (GLOBE NEWSWIRE) -- Crown Castle International Corp. (NYSE: CCI) ("Crown Castle") announced today that it is commencing a public offering of senior notes, subject to market and other conditions. The notes will be issued by Crown Castle International Corp. Crown Castle intends to use the net proceeds from this offering to repay in full the Senior Secured Tower Revenue Notes, Series 2015-1, Class C-2022, issued by certain of Crown Castle’s subsidiaries, to repay outstanding indebtedness under its commercial paper program, and to the extent of any remaining balance of net proceeds, for general corporate purposes.

BNP PARIBAS, Credit Agricole CIB, J.P. Morgan, PNC Capital Markets LLC, and Truist Securities are the joint book-running managers of the offering.

The offering is being made pursuant to the 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 use of proceeds therefrom. 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 80,000 route miles of fiber supporting small cells and fiber solutions across every major US 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 New York, NY 10019 Attention: Debt Syndicate Desk Toll-Free: (800) 854-5674	Credit Agricole Securities (USA) Inc. 1301 Avenue of the Americas New York, NY 10019 Attn: Fixed Income Syndicate Toll-Free: (866) 807-6030
J.P. Morgan Securities LLC 383 Madison Avenue, 3rd Floor New York, NY 10179 Attn: Investment Grade Syndicate Desk Collect: (212) 834-4533	PNC Capital Markets LLC 300 Fifth Avenue, 10th Floor Pittsburgh, PA 15222 Attention To: Debt Capital Markets, Fixed Income Transaction Execution Telephone: 1-855-881-0697
Truist Securities, Inc. 303 Peachtree Street Atlanta, GA 30308 Attn: Prospectus Dept Telephone: 1-800-685-4786 Email: TSIDocs@Truist.com

CONTACTS
Dan Schlanger, CFO
Ben Lowe, VP & Treasurer
Crown Castle International Corp.
713-570-3050

FAQ

What is the purpose of Crown Castle's senior notes offering?

Crown Castle plans to use the proceeds to repay existing debt and for general corporate purposes.

When was the senior notes offering announced by Crown Castle?

The offering was announced on June 15, 2021.

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

The joint book-running managers include BNP Paribas, J.P. Morgan, and Truist Securities.

How could the senior notes offering affect shareholders?

The offering may lead to shareholder dilution, as new securities could increase the total shares outstanding.