HOUSTON, Dec. 30, 2013 (GLOBE NEWSWIRE) -- Crown Castle International Corp. ("Crown Castle") (NYSE:CCI) today announced that its direct wholly owned subsidiary, Crown Castle Operating Company ("CCOC"), borrowed $700.0 million, consisting of $500.0 million of Incremental Tranche B-2 Term Loans and $200.0 million of Incremental Tranche A Term Loans (combined, "Incremental Term Loans") under CCOC's existing Senior Secured Credit Agreement ("CCOC Credit Facility"). Further, CCOC extended the maturity date of each of its $1.5 billion Senior Secured Revolving Credit Facility ("Revolver") and its Senior Secured Term Loan A Facility ("Tranche A Term Loans") to November 1, 2018 (or, upon the satisfaction of certain events, January 31, 2019) and reduced the interest at a per annum rate under the Revolver and Tranche A Term Loans to LIBOR plus 1.50% to 2.25%, based on CCOC's total net leverage ratio.
The terms of the Incremental Tranche B-2 Term Loans are substantially the same as the terms of CCOC's outstanding tranche B term loans under the CCOC Credit Facility and will mature on January 31, 2021. The Incremental Tranche B-2 Term Loans bear interest at a per annum rate equal to LIBOR plus 2.25% to 2.50%, based on CCOC's total net leverage ratio. The terms of the Incremental Tranche A Term Loans are substantially the same as the terms of CCOC's outstanding tranche A term loans under the CCOC Credit Facility and will mature on November 1, 2018 (or, upon the satisfaction of certain events, January 31, 2019). The Incremental Tranche A Term Loans bear interest at a per annum rate equal to LIBOR plus 1.50% to 2.25%, based on CCOC's total net leverage ratio.
The proceeds of the Incremental Term Loans were used by CCOC to prepay a portion of the outstanding revolving credit loans under CCOC's existing Revolver. After giving effect to such prepayment, CCOC has approximately $374 million of revolving credit loans outstanding under its existing $1.5 billion Revolver.
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