Crown Castle International’s UK Subsidiary Expands Credit Facility To £150 Million

July 15, 1999 at 12:00 AM EDT
JULY 15, 1999 – HOUSTON, TEXAS – Crown Castle International Corp. (NASDAQ:TWRS) today announced that its UK subsidiary, Castle Transmission International Ltd (CTI), has increased its revolving senior credit facility to £150 million (approximately $236 million) from £64 million. The bank syndicate led by Credit Suisse First Boston has expanded from six banks to 19 banks in the new facility. £100 million of the credit facility will be used to complete the funding of the Company’s current phase of the digital terrestrial television (DTT) network build-out and future phases as they develop. The remaining £50 million in unused borrowing capacity is available for future acquisitions, expansion and general corporate purposes. The facility currently has £60 million outstanding.

"We are pleased by the increased confidence shown by our existing banks and welcome the support of 13 new banks in the syndicate to complete funding for the infrastructure of our DTT transmission network," stated Ted B. Miller, Jr., Chairman and Chief Executive Officer of Crown Castle International. "With this new borrowing capacity in place, CTI is also well positioned to take advantage of its outstanding reputation in the UK as the world leader in broadcast technology and network support services, as well as to further develop and expand on its nearly 1,800 wireless tower footprint in the UK."

Crown Castle International Corp. is a leading provider of communication sites and wireless network services and provides an array of related infrastructure and network support services to the wireless communications and radio and television broadcasting industries in the United States and United Kingdom. Pro forma for all closed and previously announced transactions, Crown Castle International owns, operates and manages over 7,000 wireless communication towers internationally. For more information on Crown Castle International, visit: www.crowncastle.com.

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