US towerco Crown Castle is proposing an offering of US$1bn in senior notes in order to fund a tender offer for existing debt.
Crown Castle said it will use the proceeds to fund a tender offer for “any or all” of its outstanding 9% notes due 2015….
US towerco Crown Castle is proposing an offering of US$1bn in senior notes in order to fund a tender offer for existing debt.
Crown Castle said it will use the proceeds to fund a tender offer for “any or all” of its outstanding 9% notes due 2015. It will also use the funds to redeem any of the 9% notes that are still outstanding after the tender offer.
The towerco said it would use any remaining proceeds for general corporate purposes, which could include the repayment or repurchase of other debt.
According to a Crown Castle SEC filing, the joint bookrunning managers are Barclays, BofA Merrill Lynch, Citigroup, Credit Agricole, Deutsche Bank, JP Morgan, Mitsubishi UFJ, Morgan Stanley, RBC Capital Markets, RBS, Suntrust Robinson Humphrey and TD Securities.
The tender offer for the 9% notes expires on 1 May. The deal manager for the tender offer is Morgan Stanley.
