FINANCING AND INVESTING ACTIVITIES
During the fourth quarter of 2012, Crown Castle closed on a $1.65 billion senior notes offering, with an interest rate of 5.25% per annum, the proceeds of which were used to fund a portion of the aforementioned T-Mobile tower transaction, with the balance of such transaction funded by cash-on-hand and funds from the revolving credit facility. The $1.65 billion of notes mature in 2023. Crown Castle expects the total cash interest expense on the debt raised to fund the T-Mobile transaction to be approximately $108 million in 2013.
Also during the fourth quarter of 2012, Crown Castle closed on a $1.5 billion senior secured notes offering (the "Notes"), comprised of $500 million of senior secured notes due 2017 and $1.0 billion of senior secured notes due 2023. The Notes due 2017 have an interest rate of 2.38% per annum, and the Notes due 2023 have an interest rate of 3.85%. The weighted average interest rate on the Notes is approximately 3.36%. The proceeds from the Notes, together with funds from the revolving credit facility, were used to repay in full approximately $830 million of the 9% senior notes due 2015 and $965 million of the 7.75% senior secured notes due 2017. The refinancing will reduce Crown Castle's annual consolidated cash interest expense by approximately $85 million.
Further, during the fourth quarter of 2012, Crown Castle increased the size of its $1.0 billion revolving credit facility maturing January 31, 2017 to $1.5 billion. As of January 23, 2013, Crown Castle had approximately $1.3 billion drawn under the revolving credit facility.During the fourth quarter of 2012, Crown Castle invested approximately $158 million in capital expenditures, comprised of $47 million of land purchases, $18 million of sustaining capital expenditures and $93 million of revenue generating capital expenditures, the latter consisting of $51 million on existing sites and $41 million on the construction of new sites, primarily DAS nodes.
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