New Issue: Crown Castle sells $1.5 billion of senior notes due 2029, 2034

By Wendy Van Sickle

Columbus, Ohio, Dec. 4 – Crown Castle Inc. priced $1.5 billion of senior notes (BBB/BBB+) in two tranches on Monday, according to a news release.

A $750 million offering of 5.6% notes due 2029 priced at 99.661 to yield 5.673%.

A $750 million tranche of 5.8% notes due 2034 priced at 99.835 to yield 5.823%.

J.P. Morgan Securities LLC, Citigroup Global Markets Inc., Mizuho Securities USA LLC, SMBC Nikko Securities America, Inc., TD Securities (USA) LLC and U.S. Bancorp Investments, Inc. were the bookrunners.

The company intends to use the proceeds from the offering to repay a portion of the outstanding debt under its commercial paper program.

Crown Castle is a Houston-based company that owns, operates and leases shared communications infrastructure.

Issuer:	Crown Castle Inc.
Amount:	$1.5 billion
Issue:	Senior notes
Bookrunners:	J.P. Morgan Securities LLC, Citigroup Global Markets Inc., Mizuho Securities USA LLC, SMBC Nikko Securities America, Inc., TD Securities (USA) LLC and U.S. Bancorp Investments, 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
Put option:	At 101 following a change of control
Trade date:	Dec. 4
Ratings:	S&P: BBB
	Fitch: BBB+
Distribution:	SEC registered
2029 notes
Amount:	$750 million
Maturity:	2029
Coupon:	5.6%
Price:	99.661
Yield:	5.673%
2034 notes
Amount:	$750 million
Maturity:	2034
Coupon:	5.8%
Price:	99.835
Yield:	5.823%

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