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

GlobalCapital European securitization league table

Rank Lead Manager/Arranger Total Volume $m No. of Deals Share % by Volume
1 Bank of America Merrill Lynch (BAML) 4,755 19 11.75
2 Citi 4,288 14 10.60
3 Rabobank 2,633 4 6.51
4 Goldman Sachs 2,615 4 6.46
5 Barclays 2,603 8 6.43

Bookrunners of Global Structured Finance

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • 24 Jul 2017
1 Bank of America Merrill Lynch 57,945.74 181 12.35%
2 Citi 57,243.86 174 12.20%
3 Wells Fargo Securities 48,214.86 152 10.28%
4 JPMorgan 33,301.70 114 7.10%
5 Credit Suisse 25,010.27 80 5.33%