Crown Castle Inc. Enters into New Credit Facility

Crown Castle Inc. has entered into a new unsecured revolving credit facility with an aggregate commitment of $4.5 billion, replacing its existing credit agreement. The new facility includes a subfacility for letters of credit up to $100.0 million and allows for potential additional commitments of up to $500.0 million. Proceeds can be used for general corporate purposes, including debt repayment and acquisitions. Interest rates are based on the Alternate Base Rate or Term SOFR, plus an applicable margin that varies with the company's senior unsecured debt rating. Commitment fees also apply. The facility matures on May 1, 2031. Covenants include maintaining specific debt-to-EBITDA ratios and restrictions on incurring debt, disposing of assets, and making restricted payments. The agreement also contains customary events of default. Concurrently, the company terminated its existing credit agreement dated January 21, 2016, using proceeds from a prior business sale to repay outstanding loans.