Crown Castle expects to get $1.3-$1.9 billion in new senior debt to refinance existing debt

By Sara Rosenberg

New York, March 29 - Crown Castle International Corp. anticipates refinancing its existing credit facility with anywhere from $1.3 billion to $1.9 billion in new senior debt, according to a 10-K filed with the Securities and Exchange Commission Tuesday.

The company plans on doing the refinancing transaction because it fully repaid the outstanding borrowings under its 2000 credit facility using $1.275 billion of the proceeds from the August 2004 sale of CCUK to an affiliate of National Grid.

In addition to refinancing bank debt, the company may also purchase additional debt and preferred securities with the proceeds from the new senior debt. The purchases would likely be of outstanding public debt securities, the 8¼% convertible preferred stock or outstanding borrowings under Crown Atlantic's credit facility, and could involve public market purchases, contractual redemptions or tender offers, the filing added.

Crown Castle is a Houston-based company that owns, operates and manages wireless communications sites and broadcast transmission networks, and provides network design, radio frequency engineering, site development and other services.

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