By Cristal Cody
Tupelo, Miss., June 26 – Crown Castle International Corp. (Baa3/BBB-/BBB-) indirect subsidiaries sold $1 billion of senior secured tower revenue notes in a Rule 144A and Regulation S transaction on Tuesday, according to a news release.
Crown Castle priced $250 million of notes with an expected life of five years and a final maturity of July 2043 at par to yield 3.72%.
The company sold $750 million of notes with an expected life of 10 years and a final maturity of July 2048 at par to yield 4.241%.
The notes have a weighted average expected life of 8.8 years and a weighted average coupon of 4.111%.
Proceeds will be used to retire the company’s series 2010-6 notes on July 16, 2018.
In connection with the offering and in accordance of risk retention requirements of Regulation RR, Crown Castle said a majority-owned affiliate will purchase $52.7 million of series 2018-1 class R-2028 senior secured tower revenue notes and retain a horizontal residual interest in an amount equal to at least 5% of the fair value of the notes.
The risk retention notes will be issued at par and have an expected life of 10 years with a final maturity in July 2048.
Houston-based Crown Castle provides shared wireless infrastructure to wireless carriers.
| Issuer: | Crown Castle International Corp. indirect subsidiaries
|
| Amount: | $1 billion
|
| Description: | Senior secured tower revenue notes
|
| Trade date: | June 26
|
| Settlement date: | July 11
|
| Ratings: | Moody’s: Baa3
|
| S&P: BBB-
|
| Fitch: BBB-
|
| Distribution: | Rule 144A, Regulation S
|
|
|
| Twenty-five-year notes
|
| Amount: | $250 million
|
| Description: | Class C-2023 senior secured tower revenue notes
|
| Maturity: | July 2043
|
| Coupon: | 3.72%
|
| Price: | Par
|
| Yield: | 3.72%
|
|
|
| Thirty-year notes
|
| Amount: | $750 million
|
| Description: | Class C-2028 senior secured tower revenue notes
|
| Maturity: | July 2048
|
| Coupon: | 4.241%
|
| Price: | Par
|
| Yield: | 4.241%
|
|
|
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