US towerco Crown Castle is looking to secure a US$500m six-year senior secured term loan.
Fitch rated the facility BB+ and said that proceeds from the term loan will be used to pay down debts on its senior secured US$1.5bn revolving credit facility,…
US towerco Crown Castle is looking to secure a US$500m six-year senior secured term loan.
Fitch rated the facility BB+ and said that proceeds from the term loan will be used to pay down debts on its senior secured US$1.5bn revolving credit facility, which has around US$1bn outstanding.
The loan will be held by Crown Castle’s wholly-owned subsidiary Crown Castle Operating Company and matures on 31 January 2019.
The Texan towerco has 30,000 tower sites in the US and 1,700 in Australia. Late last year it completed a US$2.4bn acquisition of towers from T-Mobile US. The new loan marks Crown Castle’s first visit to the debt markets this year.
Explaining the rationale for its rating, Fitch said it reflected the towerco’s strong cash flow and because its focus is on the US market, rather than emerging markets where operating risk is higher.
