HOUSTON, April 15, 2009 (GLOBE NEWSWIRE) -- Crown Castle International Corp. (NYSE:CCI) announced today that it has priced the previously announced private offering by certain of its indirect subsidiaries of Senior Secured Notes due 2017 (the "Notes"). Such subsidiaries hold a portion of the U.S. towers acquired by Crown Castle in its acquisition of Global Signal, Inc.
The offering was increased to $1.2 billion from a previously announced offering size of $1.1 billion. The Notes will have an interest rate of 7.75% per annum and are being issued at a price equal to 97.092% of their face value. The Notes will be secured on a first priority basis by a pledge of the equity interests of the subsidiaries holding such towers and by certain other assets of such subsidiaries.
The net proceeds of the offering will be used by the subsidiaries, together with other cash, to repay in full the outstanding mortgage loans of such subsidiaries relating to the Commercial Mortgage Pass-Through Certificates, Series 2006-1 (the "Certificates") issued in 2006 by Global Signal Trust III, together with related prepayment premiums. The proceeds of such repayment will be deposited with the trustee for the Certificates and will be distributed to the holders of such Certificates in accordance with the terms of the Trust.
The Notes will be obligations of the subsidiaries that are currently obligors under the mortgage loans being repaid. The Notes will not be guaranteed by and will not be obligations of Crown Castle International Corp. or any of its other subsidiaries.
This press release is not an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of the Notes in any jurisdiction in which any such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such jurisdiction. The Notes will be offered to qualified institutional buyers under Rule 144A and to persons outside of the United States under Regulation S. The Notes will not be registered under the Securities Act of 1933, as amended (the "Securities Act"), or any state securities laws, and, unless so registered, may not be offered or sold in the United States except pursuant to an exemption from the registration requirements of the Securities Act and applicable state securities laws.
Crown Castle owns, operates, and leases towers and other communication structures for wireless communications. Crown Castle offers significant wireless communications coverage to 91 of the top 100 US markets and to substantially all of the Australian population. Crown Castle owns, operates and manages over 22,000 and approximately 1,600 wireless communication sites in the US and Australia, respectively. For more information on Crown Castle, please visit http://www.crowncastle.com.
The Crown Castle International Corp. logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=3063
Cautionary Language Regarding Forward-Looking Statements
This press release contains forward-looking statements that are based on Crown Castle management's current expectations. Such forward-looking statements are subject to certain risks, uncertainties and assumptions, including prevailing market conditions and other factors. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those expected. More information about potential risk factors that could affect Crown Castle and its results is included in Crown Castle's filings with the Securities and Exchange Commission.