PROSPECTUS SUPPLEMENT
(To Prospectus dated March 26, 2018)
$2,500,000,000
![LOGO](https://capedge.com/proxy/424B2/0001193125-20-162344/g938651g98g53.jpg)
Crown Castle International Corp.
$500,000,000 1.350% Senior Notes due 2025
$1,100,000,000 2.250% Senior Notes due 2031
$900,000,000 3.250% Senior Notes due 2051
We are offering $500,000,000 aggregate principal amount of 1.350% Senior Notes due 2025 (“2025 notes”), $1,100,000,000 aggregate principal amount of 2.250% Senior Notes due 2031 (“2031 notes”) and $900,000,000 aggregate principal amount of 3.250% Senior Notes due 2051 (“2051 notes” and, together with the 2025 notes and the 2031 notes, “notes”). The 2025 notes will bear interest at a rate of 1.350% per year, the 2031 notes will bear interest at a rate of 2.250% per year and the 2051 notes will bear interest at a rate of 3.250% per year, each payable on January 15 and July 15 of each year, beginning on January 15, 2021. The 2025 notes will mature on July 15, 2025, the 2031 notes will mature on January 15, 2031 and the 2051 notes will mature on January 15, 2051.
We intend to use the net proceeds from this offering, together with available cash, to redeem or repurchase all of our outstanding 3.400% Senior Notes due 2021, 2.250% Senior Notes due 2021 and 4.875% Senior Notes due 2022, and to pay fees and expenses related to the foregoing. See “Use of Proceeds.”
At our option, we may redeem some or all of the notes of a series at any time or from time to time prior to their maturity at the specified redemption price for such series described under “Description of Notes—Optional Redemption.” If we experience specific kinds of changes in control, we must offer to repurchase the notes. See “Description of Notes—Repurchase of Notes upon a Change of Control Triggering Event.”
The notes will be senior unsecured obligations of Crown Castle International Corp. (“CCIC”) and will rank equally with all of CCIC’s existing and future senior indebtedness, including CCIC’s obligations under the Credit Facility (as defined in “Capitalization”), the CP Program (as defined in “Capitalization”) and CCIC’s existing bonds, and senior to all of CCIC’s future subordinated indebtedness. The notes will effectively rank junior to all of our secured indebtedness to the extent of the value of the assets securing such indebtedness. The notes will be structurally subordinated to all existing and future liabilities and obligations of our subsidiaries. Our subsidiaries will not be guarantors of the notes.
For a more detailed description of the notes, see “Description of Notes,” beginning on pageS-16 of this prospectus supplement.
We do not intend to apply for listing of the notes on any securities exchange or for inclusion of the notes in any automated quotation system.
Investing in the notes involves risks. See “Risk Factors” beginning on pageS-6 of this prospectus supplement, page 3 of the accompanying prospectus, page 10 of our Annual Report on Form10-K for the fiscal year ended December 31, 2019 and page 32 of our Quarterly Report on Form10-Q for the period ended March 31, 2020, as updated by reports and documents we file with the Securities and Exchange Commission that are incorporated by reference herein.
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| | Per 2025 note | | | Total 2025 notes | | | Per 2031 note | | | Total 2031 notes | | | Per 2051 note | | | Total 2051 notes | |
Price to public(1) | | | 99.736 | % | | $ | 498,680,000 | | | | 99.830 | % | | $ | 1,098,130,000 | | | | 99.786 | % | | $ | 898,074,000 | |
Underwriting discounts | | | 0.600 | % | | $ | 3,000,000 | | | | 0.650 | % | | $ | 7,150,000 | | | | 0.875 | % | | $ | 7,875,000 | |
Proceeds to Crown Castle International Corp. (before expenses)(1) | | | 99.136 | % | | $ | 495,680,000 | | | | 99.180 | % | | $ | 1,090,980,000 | | | | 98.911 | % | | $ | 890,199,000 | |
(1) | Plus accrued interest, if any, from June 15, 2020. |
Neither the Securities and Exchange Commission nor any state securities commission has approved or disapproved of these securities or passed upon the adequacy or accuracy of this prospectus supplement or the accompanying prospectus. Any representation to the contrary is a criminal offense.
The underwriters expect to deliver the notes in book-entry form only through the facilities of The Depository Trust Company for the accounts of its participants, including Clearstream Banking S.A. and Euroclear Bank SA/NV, as operator of the Euroclear System, against payment on or about June 15, 2020.
Joint Book-Running Managers
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J.P. Morgan | | Mizuho Securities | | SOCIETE GENERALE | | SMBC Nikko | | TD Securities |
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Barclays | | BNP PARIBAS | | BofA Securities | | Citigroup | | COMMERZBANK |
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Credit Agricole CIB | | Deutsche Bank Securities | | Fifth Third Securities | | Morgan Stanley | | MUFG |
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PNC Capital Markets LLC | | RBC Capital Markets | | Scotiabank | | SunTrust Robinson Humphrey |
Co-Managers
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Citizens Capital Markets | | US Bancorp | | | | Wells Fargo Securities |
Prospectus Supplement dated June 4, 2020