HOUSTON-Crown Castle International Corp. completed the sale of its previously announced offering of $1.9 billion of senior secured tower revenue notes, series 2005-1, in a private transaction.
The notes include five investment-grade classes with a weighted average interest rate of about 4.89 percent.
Ben Moreland, chief financial officer of the company, said the sale completion simplifies its capital structure and eliminates most of the restrictions on the company’s use of cash generated by its business after debt service and reduces its annual interest expense by about $50 million.
Proceeds have been used to repurchase several classes of notes and to repay its outstanding credit facility. The company said the balance will be used for general corporate purposes.
The company also reiterated its full-year 2005 outlook announced earlier this year.
