US towerco Crown Castle has continued its refinancing measures by adding US$500m to its senior secured revolving credit facility, taking it to US$1.5bn.
Loans under the revolver bear interest at between 2.0% and 2.75%, based on the towerco’s total net…
US towerco Crown Castle has continued its refinancing measures by adding US$500m to its senior secured revolving credit facility, taking it to US$1.5bn.
Loans under the revolver bear interest at between 2.0% and 2.75%, based on the towerco’s total net leverage ratio.
The increase was arranged by RBS.
The company said borrowings under the revolver, along with some proceeds from this week’s US$1.5bn note issue, will likely be used to finance a tender offer for its outstanding 9.00% senior notes due 2015.
Morgan Stanley, Barclays, JP Morgan and BofA Merrill Lynch have been mandated to handle the buyback.
It has so far drawn US$770m under the revolver and plans to draw a further US$450m to fund the tender offer.
The towerco said the steps it is taking will reduce its annualised consolidated cash interest by US$85m.
The towerco completed its US$2.4bn acquisition of towers from T-Mobile USA at the end of last week.
Crown Castle operates more than 30,000 towers in the US.
