Crown Castle International Corp. ("Crown Castle") announced that its direct wholly owned subsidiary, Crown Castle Operating Company ("CCOC"), borrowed $800.0 million of incremental tranche B term loans ("Incremental Loans") under CCOC's existing Senior Secured Credit Agreement.

The Incremental Loans were arranged by Morgan Stanley Senior Funding, Inc., Merrill Lynch, Pierce, Fenner & Smith Incorporated and RBS Securities Inc.

The terms of the Incremental Loans are substantially the same as the terms of CCOC's outstanding tranche B term loans under its existing Senior Secured Credit Agreement and will mature on January 31, 2019. The Incremental 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 proceeds of the Incremental Loans were used by CCOC to prepay a portion of the outstanding revolving credit loans under CCOC's existing $1.5 billion Senior Secured Revolving Credit Facility. After giving effect to such prepayment, CCOC has approximately $229 million of revolving credit loans outstanding under its existing $1.5 billion Senior Secured Revolving Credit Facility.

Crown Castle owns, operates and leases towers and other infrastructure for wireless communications. Crown Castle offers significant wireless communications coverage to 98 of the top 100 US markets and to substantially all of the Australian population.