Crown Castle International Wins International Financing Review's North American Securitization Financing of the Year21 December 2005
Thomson Financial's International Financing Review today announced that Crown Castle International Corp. (NYSE: CCI) has won its North American Securitization of the Year award.
On June 8, 2005, Crown Castle completed the sale of $1.9 billion of Senior Secured Tower Revenue Notes, Series 2005-1 ("Notes"), issued by an indirect US subsidiary. The Notes consist of five classes, which are all rated investment grade. The weighted average interest rate on the various classes of Notes is approximately 4.89%, entirely on a fixed interest rate basis. The offering of the Notes and the repurchase and redemption of nearly all of Crown Castle's then outstanding high-yield notes eliminated virtually all restrictions on the use of cash generated by operations after debt service and significantly reduced Crown Castle's annual interest expense by approximately $50 million, or 32%.
"We are honored and excited to have received such a notable award from the International Financing Review for our securitized debt offering earlier this year," stated Ben Moreland, Chief Financial Officer of Crown Castle. "This financing transformed Crown Castle's capital structure and increased our ability to make investments that deliver higher levered rates of return given our lower cost of debt capital. We are pleased to have a capital structure in place that will enable us to continue to lever the growth in our business."
Crown Castle International Corp. engineers, deploys, owns and operates technologically advanced shared wireless infrastructure, including extensive networks of towers and rooftops. Crown Castle offers significant wireless communications coverage to 68 of the top 100 United States markets and to substantially all of the Australian population. Crown Castle owns, operates and manages over 11,000 and 1,300 wireless communication sites in the U.S. and Australia, respectively. For more information on Crown Castle visit: http://www.crowncastle.com .
Cautionary Language Regarding Forward-Looking Statements
This press release contains forward-looking statements that are based on our management's current expectations. Such statements include, but are not limited to, plans, projections and estimates regarding the growth of our business and our ability to leverage such growth. 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 which could affect our results is included in our filings with the Securities and Exchange Commission.
Contacts:
W. Benjamin Moreland, CFO
Jay Brown, Treasurer
Crown Castle International Corp.
713-570-3000
Source: prnewswire
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