Crown Castle Announces Proposed New Credit Facility
Crown Castle International Corp. (NYSE: CCI) announced today that its subsidiary, Crown Castle Operating Company ("CCOC"), is seeking to refinance its existing credit facility with a new $3.1 billion senior credit facility ("New Facility"). The New Facility is expected to consist of a $1.0 billion Senior Secured Revolving Credit Facility ("Revolver") maturing five years after the facility's closing date, a $500 million Delayed-Draw Senior Secured Term Loan A Facility ("Term Loan A") maturing five years after the facility's closing date, and a $1.6 billion Senior Secured Term Loan B Facility ("Term Loan B") maturing seven years after the facility's closing date. CCOC expects the Term Loan B to be fully drawn at closing and the Revolver and the Term Loan A to remain undrawn at closing. The Term Loan A may be drawn in a single drawing on or after the closing of the New Facility but on or prior to April 1, 2012.
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