By Cristal Cody
Tupelo, Miss., Jan. 29 – Crown Castle International Corp. raised $1.5 billion in a two-part offering of senior notes (Ba1/BBB-/BBB-) on Thursday, according to a market source and additional details in an FWP filing with the Securities and Exchange Commission.
The company sold $600 million of 3.4% five-year notes at 99.977 to yield 3.405%. The notes priced in line with guidance at a spread of 200 basis points over Treasuries.
Crown Castle sold $900 million of 4.45% 10-year notes at 99.671 to yield 4.491%. The bonds priced on top of guidance at Treasuries plus 250 bps.
The bookrunners were BofA Merrill Lynch, Citigroup Global Markets Inc., J.P. Morgan Securities LLC, Mizuho Securities USA Inc., RBC Capital Markets LLC, Barclays, Credit Agricole CIB, Fifth Third Securities, Inc., Morgan Stanley & Co. LLC, MUFG, SMBC Nikko Securities America, Inc., SunTrust Robinson Humphrey Inc. and TD Securities (USA) LLC.
Proceeds will be used along with cash to repay in full all outstanding debt under the company’s $1 billion senior 364-day revolving credit facility and to repay $500 million of debt under its $2.5 billion senior revolver.
Crown Castle is a Houston-based operator of wireless infrastructure.
| Issuer: | Crown Castle International Corp.
|
| Amount: | $1.5 billion
|
| Securities: | Senior notes
|
| Bookrunners: | BofA Merrill Lynch, Citigroup Global Markets Inc., J.P. Morgan Securities LLC, Mizuho Securities USA Inc., RBC Capital Markets LLC; Barclays; Credit Agricole CIB; Fifth Third Securities, Inc.; Morgan Stanley & Co. LLC; MUFG; SMBC Nikko Securities America, Inc.; SunTrust Robinson Humphrey Inc.; TD Securities (USA) LLC
|
| Senior co-managers: | RBS Securities Inc.; SG Americas Securities, LLC; Wells Fargo Securities, Inc.
|
| Co-manager: | PNC Capital Markets LLC
|
| Trade date: | Jan. 28
|
| Settlement date: | Feb. 8
|
| Ratings: | Moody’s: Ba1
|
| Standard & Poor’s: BBB-
|
| Fitch: BBB-
|
| Distribution: | SEC registered
|
|
|
| Five-year notes
|
| Amount: | $600 million
|
| Maturity: | Feb. 15, 2021
|
| Coupon: | 3.4%
|
| Price: | 99.977
|
| Yield: | 3.405%
|
| Spread: | 200 bps over Treasuries
|
| Call feature: | Make-whole call before Jan. 15, 2021 at greater of par and Treasuries plus 30 bps; on or after Jan. 15, 2021 at par
|
| Price talk: | 200 bps over Treasuries
|
|
|
| 10-year notes
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| Amount: | $900 million
|
| Maturity: | Feb. 15, 2026
|
| Coupon: | 4.45%
|
| Price: | 99.671
|
| Yield: | 4.491%
|
| Spread: | 250 bps over Treasuries
|
| Call feature: | Make-whole call before Nov. 15, 2025 at greater of par and Treasuries plus 40 bps; on or after Nov. 15, 2025 at par
|
| Price talk: | 250 bps over Treasuries
|
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