Jan. 23 (Bloomberg) -- Crown Castle International Corp., a provider of infrastructure for wireless communications, cut the interest rate it will pay on a $1.6 billion term loan B it is seeking to refinance debt and fund the acquisition of NextG Networks Inc., according to a person with knowledge of the transaction.
The debt, due in seven years, will now pay interest at 3 percentage points more than the London interbank offered rate compared with 3.25 percentage points initially offered, said the person, who declined to be identified because the terms are private. The floor on the benchmark will remain unchanged at 1 percent.
Crown Castle is proposing to sell the loan at 99 cents on the dollar, the person said, reducing proceeds for the company and boosting the yield to investors.
Bank of America Corp. is arranging the term loan B portion of the financing and lenders must submit commitments by 5 p.m. today in New York, the person said.
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