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  "documentTitle": "Crown Castle International Corp. (CCI)",
  "authorId": "11_Corvex",
  "authorName": "Corvex Management",
  "documentKindSlug": "activist-deck",
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  "sourceTypeLabel": "Activist investor",
  "presentationDate": "2014-10-14 00:00:00",
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  "notes": "The slide uses a combo chart (bar for leverage, line for coupon) alongside a detailed data table to contrast capital structures.",
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      "text": "CCI's essentially domestic tower portfolio does not seem to have garnered the Company an advantage at securing low cost debt relative to its tower peers",
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      "text": "Leverage and Cost Comparison",
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      "text": "CCI's essentially domestic tower portfolio does not seem to have garnered the Company an advantage at securing low cost debt relative to its tower peers. Somewhat surprising in our view given CCI's de minimis foreign exchange rate risk relative to peers. CCI does have approximately 1 year greater weighted-average maturity than peers, which carries some value in our view. SBAC's strategy of using nearly 50% CMBS financing appears to have helped keep its interest costs roughly in-line with both CCI and AMT, while maintaining materially higher leverage levels. Public commentary suggests CCI may be minimizing use of CMBS more recently due to rating agency preferences, highlighting one of the potential costs of targeting an investment grade rating.",
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      "text": "Net Debt / LQA EBITDA: 5.3x",
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      "text": "Source: Bloomberg, company filings, and company earnings calls.",
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      "text": "Net Debt / LQA EBITDA, Secured Debt / LQA EBITDA, Weighted-Average Coupon, Weighted-Average Maturity (est.), Floating Rate Debt, Collateralized Debt, S&P Long-Term Rating",
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      "text": "Capital Structure Comparison",
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