Crown Castle to pay down revolver with new note proceeds

By Mary-Katherine Stinson

Lexington, Ky., April 24 – Crown Castle Inc. intends to use the proceeds from a two-part senior note offering to repay outstanding debt under the company’s revolver and, if any proceeds remain, to repay a portion of debt under the company’s commercial paper program, according to a 424B5 filed with the Securities and Exchange Commission.

As of April 20, the company had approximately $1.4 billion of outstanding under the revolver which bears interest at SOFR plus a credit spread adjustment of 10 basis points and a credit spread ranging from 87.5 bps to 175 bps annually based on the company’s senior unsecured debt rating. As of April 20, the effective interest rate for the revolver was approximately 6.02%.

There is approximately $482 million outstanding under the company’s commercial paper program.

Houston-based Crown Castle provides shared wireless infrastructure to wireless carriers.

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