Crown Castle International Corp. announced that it has completed a new $5.5 billion Senior Unsecured Credit Facility, consisting of a $2.5 billion Senior Unsecured Revolving Credit Facility maturing on January 21, 2021, a $1.0 billion Senior Unsecured 364 Day Revolving Credit Facility maturing on January 19, 2017, and a $2.0 billion Senior Unsecured Term Loan A Facility (Term Loan A) maturing on January 21, 2021. The 364 Day Facility and Term Loan A were fully drawn at closing, and $855 million was drawn on the Revolver at closing.

At closing, there was approximately $1.6 billion in availability under the Revolver. The New Facility bears interest at a per annum rate equal to LIBOR plus 1.125% to 2.000%, based on Crown Castle's senior unsecured debt rating. The proceeds of the loans under the New Facility, together with cash on hand, were used to repay all outstanding borrowings under the existing Senior Secured Credit Facility of Crown Castle Operating Company (Existing Facility).

As of September 30, 2015, the Existing Facility consisted of a $2.2 billion revolving credit facility, of which $1.0 billion of borrowings was outstanding, and $2.9 billion of term loans outstanding. Crown Castle's full year 2016 Outlook for interest expense remains $517 million to $537 million, which is unchanged from its previously provided Outlook.