US towerco Crown Castle has commenced a US$1.5bn offering on senior secured notes in two tranches to refinance 2015 and 2017 notes.
The issuance is split between a US$500m bond due 2017 and a US$1bn bond that matures in 2023.
The offering comes via CC…
US towerco Crown Castle has commenced a US$1.5bn offering on senior secured notes in two tranches to refinance 2015 and 2017 notes.
The issuance is split between a US$500m bond due 2017 and a US$1bn bond that matures in 2023.
The offering comes via CC Holdings GS V, which holds towers acquired from Global Signal in 2007.
The proceeds of the offering will be used to redeem the holding company’s existing notes, and the towerco previously said the transaction would close before the end of the year.
Crown Castle has announced tender offers for two series of notes, subject to the successful completion of the new issuance, enlisting Morgan Stanley, Barclays, JP Morgan and BofA Merrill Lynch for the buyback.
It will offer to acquire the 7.750% senior secured notes due 2017, and use any remaining proceeds to buy the 9.00% senior notes due 2015. Crown Castle did not disclose how much the outstanding notes from these two series amounted to.
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.
