HOUSTON-Crown Castle International Corp. announced it has completed an amended $1.6 billion credit facility and made certain changes to its capital structure.
“This leverage-neutral transaction simplifies our capital structure and provides our restricted borrowing group access to the operating cash flows of our U.K. subsidiary,” explained Benjamin Moreland, chief financial officer. “This transaction is an important milestone as it increases our financial flexibility, extends bank maturities, increases free cash flow, reduces near-term amortization, and positions us favorably to take advantage of anticipated refinancings of our callable securities next year. In addition, the positive response we received from our lenders enabled us to borrow $100 million more than expected of Term B loan, which we are using to pre-pay $100 million of the Term A loan.”
Crown also announced it has eliminated its $48 million site acquisition obligation with British Telecommunications plc and amended its minimum site commitment with Hutchison 3G U.K. Ltd. to 1,350.
