Crown Castle new term loan to carry a minimum size of $600 million

By Sara Rosenberg

New York, Jan. 23 - Crown Castle Operating Co.'s proposed term loan must carry a minimum size of $600 million as a condition of the company's common shares repurchase agreement, according to an 8-K filed with the Securities and Exchange Commission Tuesday.

Under the previously announced share repurchase plan, the company is buying 17.7 million of its common shares for $600 million in cash from Fortress Investment Funds, Greenhill Capital Partners, LLC and Abrams Capital, LLC.

The share repurchase is expected to close on Jan. 26.

Crown Castle is a Houston-based provider of broadcast, data and wireless communications infrastructure services.

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