Crown Castle prices $500 million debt offering

Cell phone tower operator Crown Castle says senior notes due 2019 will bear a 7.125 pct rate

• On 7:46 pm EDT, Tuesday October 20, 2009

HOUSTON (AP) -- Crown Castle International Corp., which owns and operates cell phone towers, said Tuesday it has priced its public offering of $500 million in senior notes due 2019 with an annual interest rate of 7.125 percent.

The Houston-based company said net proceeds from the debt sale will total about $489 million. It expects to use the money to repay debt and for other general expenses.

The notes will be issued at a price equal to 99.5 percent of their face value.

Shares rose 36 cents to $34.20 in aftermarket trading after closing Tuesday at $33.84, down 60 cents on the day.