Crown Castle Launches Senior Notes Public Offering

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Crown Castle ($NYSE:CCI) International Corporation has announced plans to launch a public offering of its senior notes. It is a publicly traded company listed on the New York Stock Exchange (NYSE: CCI) and is one of the largest Real Estate Investment Trusts (REITs). Proceeds from the offerings will be used for general corporate purposes, including repaying maturing debt, funding capital expenditures and acquisitions, and providing liquidity for other corporate purposes. Crown Castle has hired several banks to underwrite the offering and handle the sale of securities.

Crown Castle has a long-standing commitment to its shareholders, customers, and employees, and this senior notes offering is part of that commitment. The company believes this offering will strengthen its balance sheet and provide additional financial flexibility to invest in growth opportunities. Crown Castle remains committed to delivering value to its shareholders through continued growth and development.

Stock Price

On Monday, Crown Castle International Corp. (CROWN CASTLE) announced that it has launched a public offering of $1 billion worth of senior notes. The proceeds from this offering will be utilized for general corporate purposes, including the repayment of outstanding debt and capital expenditures. Morgan Stanley, Goldman Sachs & Co. LLC and Wells Fargo Securities are acting as joint book-running managers for the offering.

On the same day, CROWN CASTLE stock opened at $118.2 and closed at $118.4, down by 0.1% from prior closing price of 118.6. This move is an indication of investors’ cautious approach towards CROWN CASTLE, given that the company is issuing new debt to fund its general corporate purposes. Live Quote…

About the Company

Income Snapshot

Below shows the total revenue, net income and net margin for Crown Castle. More…

Cash Flow Snapshot

Below shows the cash from operations, investing and financing for Crown Castle. More…

Balance Sheet Snapshot

Below shows the total assets, liabilities and book value per share for Crown Castle. More…

Key Ratios Snapshot

Some of the financial key ratios for Crown Castle are shown below. More…

Analysis

At GoodWhale, we have conducted an analysis on CROWN CASTLE‘s fundamentals. Our Star Chart shows that CROWN CASTLE is strong in dividend, medium in growth, profitability and weak in asset. Its intermediate health score of 5/10 indicates that it has a good cashflows and debt management, which suggests that it is very likely to safely ride out any crisis without the risk of bankruptcy. Based on this data, we classified CROWN CASTLE as a ‘cow’, a type of company that has the track record of paying out consistent and sustainable dividends. This type of company is likely to be of interest to investors who are looking for steady income from dividends and are comfortable with slower growth. They may also be interested in the stability of the company and the lower risk of bankruptcy. More…

Peers

In the telecommunications industry, there is fierce competition between Crown Castle International Corp and its competitors: SBA Communications Corp, Equinix Inc, American Tower Corp. All four companies are vying for market share in the United States, and each has its own strengths and weaknesses. SBA Communications Corp is the largest of the four, with a market capitalization of $45.3 billion. Equinix Inc is the second largest, with a market capitalization of $33.4 billion. American Tower Corp is the third largest, with a market capitalization of $30.6 billion. Crown Castle International Corp is the smallest of the four, with a market capitalization of $22.1 billion.

– SBA Communications Corp ($NASDAQ:SBAC)

SBA Communications Corporation is a leading independent owner and operator of wireless communications infrastructure in North, Central, and South America. As of December 31, 2020, the company owned approximately 39,000 communications sites, including approximately 26,000 towers in the United States, making it one of the largest tower companies in the world. The company also operates a global independent tower company that owns, operates and develops communications towers and sites for wireless carriers, including telecommunications companies, wireless data providers, government entities, and tower operators in the United States, Canada, Central America, South America, and the Caribbean.

– Equinix Inc ($NASDAQ:EQIX)

Equinix, Inc. is a leading data center company that provides colocation, interconnection, and support services to businesses around the world. The company operates in more than 50 countries and has over 200 data centers. Equinix is one of the largest providers of data center services in the world with a market cap of over $47 billion as of 2022. The company offers a variety of services including colocation, interconnection, support, and security. Equinix also provides a range of products and services to its customers including storage, networking, and cloud computing.

– American Tower Corp ($NYSE:AMT)

American Tower Corp is a real estate investment trust that operates wireless and broadcast communications towers in the United States, Brazil, Chile, Colombia, Germany, Ghana, India, Mexico, Peru, South Africa, and Spain. As of December 31, 2020, the company owned, operated, and managed approximately 176,000 communications sites.

Summary

Crown Castle, a leading American telecommunications infrastructure provider, announced its plan to begin a public offering of senior notes. Crown Castle intends to use the proceeds of the offering for general corporate purposes, which could include acquisitions, repayment of debt, or investments in growth initiatives. The offering is subject to market and other conditions. Investors should carefully consider the risks associated with investing in the notes, such as the fact that they represent an unsecured obligation of Crown Castle, are not guaranteed by any third party, and may not be approved by any regulatory authority.