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Crown Castle launches offering for T-Mobile deal

Wednesday, 3 Oct 2012 | 4:56 PM ET

HOUSTON -- Crown Castle International Corp. said Wednesday that it is launching an offering of $1.65 billion of senior notes, which are due in 2023.

The Houston-based company expects to use the proceeds to help pay for its recent deal with T-Mobile USA Inc. Crown Castle announced in September that it would buy the rights to about 7,200 T-Mobile towers for $2.4 billion.

If the company ends up with fewer towers than originally planned under the deal, Crown Castle said it will use any remaining proceeds for general corporate purposes, which includes possibly repaying debt.

Crown Castle owns, operates and leases wireless towers and antennas and says the towers involved in the deal are located in top markets across the U.S. and will help the company grow. The notes are being offered to institutional buyers.

Shares of Crown Castle jumped $2.02, or 3.1 percent, to $66.61 by early afternoon Wednesday after rising to an all-time high of $66.76 earlier in the session.

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