US towerco Crown Castle has withdrawn its planned offering of US$1bn in senior notes and tender offer for existing debt, citing “current capital market conditions”.
Crown Castle had been seeking to refinance debt maturing in 2015 with low long-term…
US towerco Crown Castle has withdrawn its planned offering of US$1bn in senior notes and tender offer for existing debt, citing “current capital market conditions”.
Crown Castle had been seeking to refinance debt maturing in 2015 with low long-term fixed-rate capital. The company said in a statement it had not planned the offering to finance “short-term debt requirements”.
The towerco also terminated its tender offer for its outstanding 9% notes due in 2015 because “the financing condition will not be satisfied”.
The joint bookrunning managers for the bond offering were Barclays, BofA Merrill Lynch, Citigroup, Credit Agricole, Deutsche Bank, JP Morgan, Mitsubishi UFJ, Morgan Stanley, RBC Capital Markets, RBS, SunTrust Robinson and TD Securities.
The lead manager for the planned tender offer was Morgan Stanley.
In February, Crown Castle successfully organised a US$3.1bn credit facility, consisting of a revolver, a delayed-draw senior secured loan due 2017 and another senior secured loan due 2019.
According to its 2011 results, released in February, Crown Castle owns, leases or manages around 23,800 towers, almost all in the US and Australia.
The company reported net income of US$171.5m in 2011, up from a loss of US$311.3m in 2010. Net revenues in 2011 were US$2bn, up from US$1.9bn the previous year.
The company agreed to acquire NextG Networks, a provider of outdoor distributed antenna systems (DAS), for around US$1bn in December 2011.
