Crown Castle Announces Proposed Offering of Senior Notes
Rhea-AI Summary
Crown Castle Inc. (NYSE: CCI) has announced a public offering of senior notes. The company intends to use the net proceeds to repay a portion of its outstanding commercial paper program debt and cover related fees and expenses. The offering will be managed by joint book-runners including BofA Securities, BNP Paribas Securities, MUFG Securities Americas, PNC Capital Markets, RBC Capital Markets, and Truist Securities.
The notes will be issued under Crown Castle's existing shelf registration statement with the SEC. Interested parties can obtain the prospectus supplement and base prospectus from the joint book-running managers or the SEC's website. This announcement does not constitute an offer to sell or a solicitation to buy securities in any jurisdiction where it would be unlawful.
Positive
- Potential to reduce outstanding commercial paper debt
- Utilization of existing shelf registration for efficient offering process
- Engagement of reputable financial institutions as joint book-runners
Negative
- Increase in long-term debt obligations
- Potential dilution of shareholder value
- Additional interest expenses from new senior notes
News Market Reaction – CCI
On the day this news was published, CCI gained 2.01%, reflecting a moderate positive market reaction.
Data tracked by StockTitan Argus on the day of publication.
HOUSTON, Aug. 01, 2024 (GLOBE NEWSWIRE) -- Crown Castle Inc. (NYSE: CCI) (“Crown Castle”) announced today that it is commencing a public offering of one or more series of senior notes, subject to market and other conditions. The notes will be issued by Crown Castle. Crown Castle intends to use the net proceeds from this offering to repay a portion of the outstanding indebtedness under its commercial paper program and pay related fees and expenses.
BofA Securities, Inc., BNP Paribas Securities Corp., MUFG Securities Americas Inc., PNC Capital Markets LLC, RBC Capital Markets, LLC and Truist Securities, Inc. are the joint book-running managers of the offering.
The offering is being made pursuant to Crown Castle’s existing effective shelf registration statement filed with the Securities and Exchange Commission (“SEC”). The offering will be made only by means of a prospectus supplement and the accompanying base prospectus, copies of which may be obtained by contacting any joint book-running manager using the information provided below. An electronic copy of the preliminary prospectus supplement, together with the accompanying prospectus, is also available on the SEC’s website, www.sec.gov.
This press release shall not constitute an offer to sell or a solicitation of an offer to buy the securities described herein, nor shall there be any sale of these securities in any state or other jurisdiction in which such an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.
CAUTIONARY LANGUAGE REGARDING FORWARD-LOOKING STATEMENTS
This press release contains forward-looking statements that are based on Crown Castle management’s current expectations. Such statements include plans, projections and estimates regarding the proposed offering, including the use of proceeds therefrom. Such forward-looking statements are subject to certain risks, uncertainties and assumptions, including prevailing market conditions and other factors. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those expected. More information about potential risk factors that could affect Crown Castle and its results is included in Crown Castle’s filings with the SEC. The term “including,” and any variation thereof, means “including, without limitation.”
ABOUT CROWN CASTLE
Crown Castle owns, operates and leases more than 40,000 cell towers and approximately 90,000 route miles of fiber supporting small cells and fiber solutions across every major U.S. market. This nationwide portfolio of communications infrastructure connects cities and communities to essential data, technology and wireless service – bringing information, ideas and innovations to the people and businesses that need them.
JOINT BOOK-RUNNING MANAGERS CONTACT INFORMATION
| BofA Securities, Inc. NC1-022-02-25 201 North Tryon Street Charlotte, North Carolina 28255 Attention: Prospectus Department Email: dg.prospectus_requests@bofa.com | BNP Paribas Securities Corp. 787 Seventh Avenue, 3rd Floor New York, New York 10019 Attention: Debt Syndicate Phone: 1-800-854-5674 |
| MUFG Securities Americas Inc. 1221 Avenue of the Americas, 6th Floor New York, New York 10020 Attention: Capital Markets Group Facsimile: 1-646-434-3455 | PNC Capital Markets LLC 300 Fifth Avenue, 10th Floor Pittsburgh, Pennsylvania 15222 Toll Free: 1-855-881-0697 |
| RBC Capital Markets, LLC Brookfield Place 200 Vesey Street, 8th Floor New York, New York 10281 Attention: Syndicate Operations Email: rbcnyfixedincomeprospectus@rbccm.com Toll Free: 1-866-375-6829 Fax: 1-212-428-6308 | Truist Securities, Inc. 50 Hudson Yards, 70th Floor New York, New York 10001 Toll Free: 1-800-685-4786 |
FAQ
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