NEW YORK, September 29, 2023 /PRNewswire/ -- Phoenix Tower International, LLC ("PTI"), through its Spanish subsidiary (PTI Ibérica V, S.A.) announced today that it has closed a new senior credit facility for worth €1.2 billion in Europe to consolidate its existing loans and provide substantial additional capacity to support further growth in both existing and new markets in Europe.
The transaction comprised the following senior secured credit facilities: (i) a €700 million term loan, (ii) a €400 million deferred draw term loan, (iii) a €50 million revolving credit facility million euros and (iv) a revolving credit line of 50 million euros, million reserve lines for debt service, all of which mature in September 2030 (7 years). Proceeds from the facilities will be used to: (i) repay existing debt, including related fees and expenses, (ii) fund capital expenditure and acquisition requirements, including the recent acquisition of the French portfolio of wireless tower assets Cellnex (1,226 sites hosting SFR), and (iii) finance working capital requirements.
"The multi-jurisdiction loan provides PTI with the flexibility to continue growing our business across Europe with incremental liquidity available at our disposal. The financing will allow us to strengthen our commitment to the region, as we continue to build and invest in digital infrastructure in markets that are experiencing increasing demand for connectivity and technology upgrades. We are excited to continue expanding our presence in Europe and offer value-added infrastructure solutions to our customers," explained Dagan Kasavana, CEO of PTI.
"By providing flexible financing covering multiple jurisdictions, PTI was able to simplify its capital structure, reduce pricing and access incremental funds to support future growth. Raising €1.2 billion in the current market environment speaks to the strength of PTI's business model and underscores the appetite of the lending community to support the expansion of digital connectivity. We are pleased to partner with such a strong group of lenders on this historic transaction," noted Michael Bremer, Chief Financial Officer of PTI.
Natixis Corporate
Freshfields Bruckhaus Deringer acted as external legal counsel to the company and Allen
About PTI
PTI, through its subsidiaries, owns and operates more than 22,000 telecommunications towers throughout Europe, the United States, Latin America and the Caribbean. In Europe, PTI is present in several countries, including France, Italy, Ireland, Malta and Cyprus.
PTI was founded in 2013 with the mission to be a premier site provider for wireless operators around the world in high-growth markets. PTI's investors include funds managed by Blackstone, Wren House and several members of the management team and is based in Boca Raton, Florida. For more information, visit www.phoenixintnl.com
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