New Issue: Crown Castle sells $1.35 billion of five-, 10-year senior notes

By Wendy Van Sickle

Columbus, Ohio, April 24 – Crown Castle Inc. priced $1.35 billion of senior notes (/BBB/BBB+) in two tranches on Monday, according to a news release.

A $600 million offering of 4.8% five-year notes priced at 99.773 to yield 4.85%.

A $750 million tranche of 5.1% notes due 2033 priced at 99.914 to yield 5.111%.

Barclays, BofA Securities, Inc., Credit Agricole Securities (USA) Inc., Morgan Stanley & Co. LLC, Scotia Capital (USA) Inc. and SG Americas Securities, LLC were the bookrunners.

Proceeds will be used to repay outstanding debt under the company’s revolver and, if any proceeds remain, to repay a portion of debt under the company’s commercial paper program.

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

Issuer:	Crown Castle Inc.
Amount:	$1.35 billion
Issue:	Senior notes
Bookrunners:	Barclays, BofA Securities, Inc., Credit Agricole Securities (USA) Inc., Morgan Stanley & Co. LLC, Scotia Capital (USA) Inc. and SG Americas Securities, LLC
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
Put option:	At 101 following a change of control
Trade date:	April 24
Ratings:	S&P: BBB
	Fitch: BBB+
Distribution:	SEC registered
Five-year notes
Amount:	$600 million
Maturity:	2028
Coupon:	4.8%
Price:	99.773
Yield:	4.85%
10-year notes
Amount:	$750 million
Maturity:	2033
Coupon:	5.1%
Price:	99.914
Yield:	5.111%

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