Morning Commentary: Microsoft, Crown Castle to conduct offerings of fixed-rate notes

By Devika Patel

Knoxville, Tenn., Jan. 30 – Primary activity in the investment-grade bond market on Monday brought two new deals to market, with Redmond, Wash., computer software giant Microsoft Corp. announcing a planned sale of fixed-rate notes in seven parts and Houston-based wireless infrastructure provider Crown Castle International Corp. reporting an offering fixed-rate senior notes.

All seven tranches of the Microsoft notes have a make-whole call and then a par call.

Barclays, HSBC Securities (USA) Inc., BofA Merrill Lynch, Citigroup Global Markets Inc., Credit Suisse Securities (USA) LLC, Goldman Sachs & Co., J.P. Morgan Securities LLC, Morgan Stanley & Co. LLC, U.S. Bancorp Investments Inc., BNP Paribas Securities Corp. and BNY Mellon Capital Markets LLC are the bookrunners.

Proceeds will be used for general corporate purposes.

The Crown Castle’s planned 10-year notes will have a make-whole call until three months prior to maturity and then are callable at par.

Barclays, JPMorgan, Mizuho Securities USA Inc., RBC Capital Markets Corp. and TD Securities (USA) LLC are the bookrunners.

Proceeds will be used to repay debt under the company’s revolving credit facility.

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