WASHINGTON (dpa-AFX) - Crown Castle International Corp. (CCI) said Tuesday that it has priced its public offering of senior notes due 2022.
Due to investor demand, the offering was increased to $850 million. The notes will have an interest rate of 4.875% per annum and will be issued at a price equal to 99.5% of their face value to yield 4.951%.
The net proceeds from the offering will be about $837 million, after deducting underwriting discounts and commissions and other offering expenses payable by Crown Castle.
Crown Castle expects to use a portion of the net proceeds from the offering to purchase or redeem all of its outstanding 7.125% Senior Notes due 2019 and pay fees and expenses related to the foregoing. Crown Castle intends to use the remaining net proceeds for general corporate purposes, which may include the repayment or repurchase of certain other outstanding indebtedness.
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