Phoenix Tower International, LLC through its Spanish subsidiary (Phoenix Tower International Spain ETVE, S.L.U.), U.S. subsidiary (Phoenix Tower US Holdings (REIT) Inc.), and its Chilean subsidiary (Phoenix Tower International Chile SpA) announced last week that it has amended and restated its senior credit facilities to consolidate and expand them into a single $2.0 billion senior secured multi facility transaction covering all of North and South America.
Dagan Kasavana, CEO at Phoenix Tower International called it “a first of its kind facility to allow us to grow the business across the Americas for years to come.”
The amended transaction comprised of the following senior secured facilities:
- a $1,404 million term loan
- a $540 million delayed draw term loan
- a $56 million revolving credit facility, all of which are due in August 2027 (five year)
Proceeds from the facilities will be used to:
- repay existing indebtedness including related fees and expenses and fund the acquisition of the Chilean portfolio of wireless tower assets from WOM S.A
- fund future capital expenditure requirements and acquisitions
- fund working capital requirements
As part of the Chilean transaction, PTI acquired from WOM 2,334 tower sites at the initial closing and 1,466 additional sites to be delivered by 2024, for a total consideration of approximately $930 million, as Inside Towers reported. PTI has become the largest communications tower owner in Chile. It has expanded its global presence to over 22,000 towers in 19 countries.
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