Crown Castle plans sale of senior notes to repay bank debt

Chicago, Jan. 9 – Crown Castle International Corp. plans to offer fixed-rate senior notes, according to a 424B5 filing with the Securities and Exchange Commission.

There will be a make-whole optional redemption provision and then the notes will be callable at par a number of months before the maturity date.

Any change of control would trigger a put at 101.

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 bookrunners.

Bank of New York Mellon Trust Co., NA is the trustee.

Cravath, Swaine & Moore LLP is working as legal counsel for the issuer. Skadden, Arps, Slate, Meagher & Flom LLP is listed as counsel for the underwriters.

Proceeds will be used to repay outstanding debt under the company’s revolver which matures in 2027 and currently carries an effective interest rate of 4.15%, of which there is $1.3 billion of debt outstanding.

Houston-based Crown Castle provides shared wireless infrastructure to wireless carriers.

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