Crown Castle Proposed $5.5 Billion Senior Unsecured Credit Facility

Shares of Crown Castle International Corp CCI, a real estate investment trust company, were trading slightly higher by 0.1 percent at $83.77 early Tuesday afternoon.

Crown Castle announced after Monday's market close that it has received a commitment from a group of lenders for a new $5.5 billion Senior Unsecured Credit Facility.

Crown Castle noted that it will use the proceeds, along with its already existing cash on hand, to repay all of its existing outstanding borrowings. The company added that as of September 30, its Existing Facility consisted of a $1 billion of borrowing outstanding (out of a $2.2 billion revolving credit facility), and $2.9 billion of term loans outstanding.