US towerco Crown Castle has borrowed US$800m due 2019 via its senior secured credit agreement.
The incremental tranche B term loans were used to pay off debts under its US$1.5bn senior secured revolving credit agreement.
The towerco said it has…
US towerco Crown Castle has borrowed US$800m due 2019 via its senior secured credit agreement.
The incremental tranche B term loans were used to pay off debts under its US$1.5bn senior secured revolving credit agreement.
The towerco said it has US$229m outstanding under the revolver, after securing the US$800m loans.
The new facility comes via wholly-owned subsidiary Crown Castle Operating Company (CCOC) and bears interest at Libor plus 2.25% to 2.5%, based on CCOC’s total net leverage ratio.
The Texan towerco said Morgan Stanley, BofA Merrill Lynch and RBS arranged the loans.
Crown Castle has 30,000 tower sites across the US and 1,700 in Australia. In 2012 it bought a large portfolio of towers from T-Mobile US for US$2.4bn.
