Crown Castle Announces Proposed Offering of Senior Notes
Crown Castle Inc. (NYSE: CCI) has announced a public offering of senior notes. The company intends to use the net proceeds to repay a portion of its outstanding commercial paper program debt and cover related fees and expenses. The offering will be managed by joint book-runners including BofA Securities, BNP Paribas Securities, MUFG Securities Americas, PNC Capital Markets, RBC Capital Markets, and Truist Securities.
The notes will be issued under Crown Castle's existing shelf registration statement with the SEC. Interested parties can obtain the prospectus supplement and base prospectus from the joint book-running managers or the SEC's website. This announcement does not constitute an offer to sell or a solicitation to buy securities in any jurisdiction where it would be unlawful.
Crown Castle Inc. (NYSE: CCI) ha annunciato un offerta pubblica di note senior. L'azienda intende utilizzare i proventi netti per rimborsare una parte del debito del suo programma di carta commerciale outstanding e coprire le spese e le commissioni correlate. L'offerta sarà gestita da co-bookrunner tra cui BofA Securities, BNP Paribas Securities, MUFG Securities Americas, PNC Capital Markets, RBC Capital Markets e Truist Securities.
Le note saranno emesse ai sensi della dichiarazione di registrazione shelf esistente di Crown Castle presso la SEC. Le parti interessate possono ottenere il prospetto supplementare e il prospetto base dai co-bookrunner o dal sito web della SEC. Questo annuncio non costituisce un'offerta di vendita né una sollecitazione all'acquisto di titoli in giurisdizioni dove ciò sarebbe illegale.
Crown Castle Inc. (NYSE: CCI) ha anunciado una oferta pública de notas senior. La compañía tiene la intención de utilizar los ingresos netos para reembolsar una parte de la deuda de su programa de papel comercial pendiente y cubrir gastos y tarifas relacionadas. La oferta será gestionada por los co-gestores principales, incluidos BofA Securities, BNP Paribas Securities, MUFG Securities Americas, PNC Capital Markets, RBC Capital Markets y Truist Securities.
Las notas se emitirán bajo la declaración de registro de estante existente de Crown Castle ante la SEC. Las partes interesadas pueden obtener el prospecto suplementario y el prospecto base de los co-gestores principales o del sitio web de la SEC. Este anuncio no constituye una oferta de venta ni una solicitud para comprar valores en cualquier jurisdicción donde sea ilegal.
Crown Castle Inc. (NYSE: CCI)는 선순위 노트의 공개 모집을 발표했습니다. 회사는 순수익을 사용하여 미결제 상업 어음 프로그램 부채의 일부를 상환하고 관련 수수료 및 비용을 충당할 계획입니다. 이 공모는 BofA Securities, BNP Paribas Securities, MUFG Securities Americas, PNC Capital Markets, RBC Capital Markets 및 Truist Securities가 포함된 공동 주관사에 의해 관리될 것입니다.
노트는 SEC에 대한 Crown Castle의 기존 선반 등록 명세서에 따라 발행됩니다. 관심 있는 당사자는 공동 주관사나 SEC의 웹사이트에서 보조 프로스펙투스 및 기본 프로스펙투스를 받을 수 있습니다. 이 발표는 어떤 관할 지역에서 불법인 경우 유가증권 판매 제안이나 구매 요청을 구성하지 않습니다.
Crown Castle Inc. (NYSE: CCI) a annoncé une offre publique de billets senior. L'entreprise prévoit d'utiliser le produit net pour rembourser une partie de son endettement lié à son programme de papier commercial en circulation et couvrir les frais liés. L'offre sera gérée par les co-titulaires de livres, y compris BofA Securities, BNP Paribas Securities, MUFG Securities Americas, PNC Capital Markets, RBC Capital Markets et Truist Securities.
Les billets seront émis en vertu de la déclaration d'enregistrement existante de Crown Castle auprès de la SEC. Les parties intéressées peuvent obtenir le supplément de prospectus et le prospectus de base auprès des co-titulaires de livres ou sur le site Web de la SEC. Cet annonce ne constitue pas une offre de vente ni une sollicitation d'achat de titres dans toute juridiction où cela serait illégal.
Crown Castle Inc. (NYSE: CCI) hat ein öffentliche Angebot von Senior Notes bekannt gegeben. Das Unternehmen beabsichtigt, die Nettomittel zu verwenden, um einen Teil seiner ausstehenden Schulden im Zusammenhang mit dem kommerziellen Papierprogramm zurückzuzahlen und damit verbundene Gebühren und Ausgaben zu decken. Das Angebot wird von Co-Bookrunnern wie BofA Securities, BNP Paribas Securities, MUFG Securities Americas, PNC Capital Markets, RBC Capital Markets und Truist Securities verwaltet.
Die Anleihen werden gemäß der bestehenden Shelf-Registrierungserklärung von Crown Castle bei der SEC ausgegeben. Interessierte Parteien können das Prospekt-Supplement und das Basisprospekt von den Co-Bookrunnern oder der Website der SEC erhalten. Diese Ankündigung stellt kein Angebot zum Verkauf oder eine Aufforderung zum Kauf von Wertpapieren in einem Rechtsgebiet dar, in dem dies rechtswidrig wäre.
- Potential to reduce outstanding commercial paper debt
- Utilization of existing shelf registration for efficient offering process
- Engagement of reputable financial institutions as joint book-runners
- Increase in long-term debt obligations
- Potential dilution of shareholder value
- Additional interest expenses from new senior notes
Insights
Crown Castle's proposed offering of senior notes is a strategic move to refinance its debt, potentially improving its capital structure. This type of transaction is common among REITs and infrastructure companies to manage their debt portfolios.
The key points to consider are:
- The proceeds will be used to repay a portion of the outstanding commercial paper, which typically carries shorter-term maturities. This suggests Crown Castle is looking to extend its debt maturity profile, which could provide more financial flexibility.
- The timing of this offering is interesting, given the current interest rate environment. If Crown Castle can secure favorable rates, it could potentially lower its overall interest expenses.
- The involvement of multiple major financial institutions as joint book-running managers indicates a significant offering size and potentially strong investor interest.
However, without specific details on the offering size, interest rates, or maturities, it's challenging to fully assess the impact on Crown Castle's financial position. Investors should watch for these details in the prospectus supplement.
Overall, this move appears to be a proactive step in managing Crown Castle's debt, but its true impact will depend on the final terms of the offering and how it fits into the company's broader financial strategy.
Crown Castle's decision to issue senior notes comes at a time when the telecommunications infrastructure sector is experiencing significant changes. Here's what investors should consider:
- The 5G rollout continues to drive demand for tower and small cell infrastructure, potentially supporting Crown Castle's long-term growth prospects.
- However, recent industry consolidation, such as the Sprint-T-Mobile merger, has led to concerns about reduced demand for tower space.
- The company's move to refinance debt could be seen as preparation for future capital expenditures related to 5G infrastructure expansion.
It's worth noting that Crown Castle's business model, which relies heavily on long-term contracts with major wireless carriers, provides a degree of stability. This debt offering could be viewed as a way to maintain financial flexibility in a rapidly evolving market.
Investors should also consider the broader economic context. With ongoing discussions about inflation and potential interest rate changes, Crown Castle's timing for this debt offering could be strategic, possibly aiming to lock in current rates before any potential increases.
While this offering doesn't dramatically alter Crown Castle's market position, it does reflect the company's proactive approach to financial management in a dynamic industry landscape.
HOUSTON, Aug. 01, 2024 (GLOBE NEWSWIRE) -- Crown Castle Inc. (NYSE: CCI) (“Crown Castle”) announced today that it is commencing a public offering of one or more series of senior notes, subject to market and other conditions. The notes will be issued by Crown Castle. Crown Castle intends to use the net proceeds from this offering to repay a portion of the outstanding indebtedness under its commercial paper program and pay related fees and expenses.
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 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 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 |
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