New Issue: Crown Castle sells $1 billion five-year notes with 137.5 bps spread

By Wendy Van Sickle

Columbus, Ohio, Jan. 9 – Crown Castle Inc. priced $1 billion of 5% five-year senior notes (Baa3/BBB/BBB+) at 99.908 to yield 5.021% on Monday, according to an FWP filed with the Securities and Exchange Commission.

The notes were sold with a spread of 137.5 basis points over Treasuries.

BNP Paribas Securities Corp., J.P. Morgan Securities LLC, MUFG Securities Americas Inc., PNC Capital Markets LLC, RBC Capital Markets, LLC, Truist Securities, Inc., Barclays, BofA Securities, Inc., Citigroup Global Markets Inc., Credit Agricole Securities (USA) Inc., Mizuho Securities USA LLC, Morgan Stanley & Co. LLC, Scotia Capital (USA) Inc., SG Americas Securities, LLC, SMBC Nikko Securities America, Inc., TD Securities (USA) LLC and U.S. Bancorp Investments, Inc. were the bookrunners.

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.

Issuer:	Crown Castle Inc.
Amount:	$1 billion
Issue:	Senior notes
Maturity:	Jan. 11, 2028
Bookrunners:	BNP Paribas Securities Corp., J.P. Morgan Securities LLC, MUFG Securities Americas Inc., PNC Capital Markets LLC, RBC Capital Markets, LLC, Truist Securities, Inc., Barclays, BofA Securities, Inc., Citigroup Global Markets Inc., Credit Agricole Securities (USA) Inc., Mizuho Securities USA LLC, Morgan Stanley & Co. LLC, Scotia Capital (USA) Inc., SG Americas Securities, LLC, SMBC Nikko Securities America, Inc., TD Securities (USA) LLC and U.S. Bancorp Investments, Inc.
Co-manager:	Huntington Securities, Inc.
Trustee:	Bank of New York Mellon Trust Co., NA
Counsel to issuer:	Cravath, Swaine & Moore LLP
Counsel to underwriters:	Skadden, Arps, Slate, Meagher & Flom LLP
Coupon:	5%
Price:	99.908
Yield:	5.021%
Spread:	Treasuries plus 137.5 bps
Call:	Make-whole call at Treasuries plus 25 bps until Dec. 11, 2027, then a par call
Trade date:	Jan. 9
Settlement date:	Jan. 11
Ratings:	Moody’s: Baa3
	S&P: BBB
	Fitch: BBB+
Distribution:	SEC registered
Cusip:	22822VBA8

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