Crown Castle Says Units Intend to Sell Subsidiary Notes

Crown Castle International (CCI) said Wednesday that certain of its indirect subsidiaries intend to offer, in a private transaction and subject to market and other conditions, up to $1,000 million of senior secured tower revenue notes, as additional debt securities under the existing Indenture dated as of June 1, 2005, as amended and supplemented, purusant to which the outstanding senior secured tower revenue notes, Series 2010-6, Series 2015-1 and Series 2015-2 were issued.

The subsidiaries expected to issue the offered notes are special purpose entities that are the current issuers under the indenture and that hold over a quarter of Crown Castle’s towers. The servicing and repayment of any such offered notes are expected to be made solely from the cash flows from the operation of the towers that are part of the transaction.

If the offering is consummated, Crown Castle expects to use the net proceeds from such offering, together with cash contributed by Crown Castle or one of its subsidiaries, to retire all of the Series 2010-6 notes and pay fees and expenses related to the offering of the Offered Notes and the retirement of the Series 2010-6 notes.

CCI shares rose marginally in recent trading.