Crown Castle Completes Acquisition, Credit Facility

Wireless tower operator Crown Castle has closed on a 364-day, $275 million revolver that will be used to fund a $145 million acquisition of towers from TrinTel Communications and future acquisitions.

  • 19 Aug 2005
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Wireless tower operator Crown Castle has closed on a 364-day, $275 million revolver that will be used to fund a $145 million acquisition of towers from TrinTel Communications and future acquisitions. "The business is growing at about $40-50 million EBITDA a year," said Jay Brown, v.p. and treasurer. The Houston-based company is always looking at takeover possibilities, but does not have any additional plans.

The loan is priced at LIBOR plus 2- 2 3/4%, depending on interest coverage. Out of the gate it was priced at LIBOR plus 237 basis points for the first measurement period, but Brown said that based on the company's current credit ratios, he expects it to be at LIBOR plus 2% once this period is over in mid-August. The company also has some high-yield notes, in the neighborhood of $12 million, outstanding.

Key Bank and Calyon were the co-lead arrangers for the deal. "Key Bank has been a long term lender, working on the original bank credit. We did our first transaction in 1998," Brown explained. "Calyon has been a big supporter for us and has been in other credit facilities." This was the first time Calyon took on a lead role. The Royal Bank of Scotland, Morgan Stanley and Lehman Brothers were also involved in the syndicate.

  • 19 Aug 2005

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2 Citi 5,781 17 11.57
3 BNP Paribas 3,530 14 7.06
4 Credit Suisse 2,783 8 5.57
5 Rabobank 2,633 4 5.27

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5 Credit Suisse 41,447.11 125 5.62%