Crown Castle International Corp. said that its direct wholly owned subsidiary, Crown Castle Operating Company, borrowed $800.0 million of incremental tranche B term loans under CCOC’s existing senior secured credit agreement. The terms of the Incremintal loans are substantially the same as the terms of CCOC’s outstanding tranche B term loans under its existing senior secured credit agreement and will mature on January 31, 2019. The incremental loans bear interest at a per annum rate equal to LIBOR plus 2.25% to 2.50%, based on CCOC’s total net leverage ratio. Morgan Stanley, Merrill Lynch, Pierce, Fenner & Smith and RBS Securities arranged the loans.
The proceeds of the incremental loans were used by CCOC to prepay a portion of the outstanding revolving credit loans under CCOC’s existing $1.5 billion senior secured revolving credit facility. After giving effect to such prepayment, CCOC has approximately $229 million of revolving credit loans outstanding under its existing $1.5 billion senior secured revolving credit facility.
Crown Castle owns, operates and leases towers and other infrastructure for wireless communications.