Crown Castle International (CCI) prices $3.25 billion senior notes offering.

Crown Castle International (CCI) announced today that it has priced a three-part offering of senior unsecured notes.  The offering includes:
      • $1.0 billion 1.050% senior notes due 2026.  The 1.050% notes were priced at 99.686% to yield 1.110% or +63 basis points to the treasury curve.
      • $1.0 billion 2.100% senior notes due 2031.  The 2.100% notes were priced at 99.546% to yield 2.150% or +98 basis points to the treasury curve.
      • $1.25 billion 2.900% senior notes due 2041.  The 2.900% notes were priced at 99.558 to yield 2.929% or +115 basis points to the treasury curve.
The notes are expected to be rated Baa3/BBB- by Moody's and S&P.  CCI said that proceeds from the offering would be used to redeem its $1.625 billion 5.250% senior notes due 2023, and repay bank and commercial paper borrowings.

A member of the S&P 500, Crown Castle International Corp. (CCI) is one of the largest owners of wireless cell tower properties in the U.S. with a managed portfolio of 40,000 towers and 80,000 miles of fiber supporting 70,000 infill cell units.  As of December 31, 2020, Crown Castle had an enterprise value of approximately $88 billion.


02/08/2021