Scotiabank Leads $120MM Phoenix Tower Facility
Phoenix Tower International (PTI) closed a $120 million long term Latin American credit facility between its subsidiaries in the Dominican Republic, Costa Rica, Panama, El Salvador, Colombia and Peru and a consortium of lenders led by Scotiabank and joined by Banco General, ING Capital, Popular Bank, Towerbank International and Metrobank.
The credit facility provides financing on PTI’s existing wireless infrastructure, new tower development and acquisitions across PTI’s existing six Latin America markets as well as many additional Latin America markets.
“The closing of this credit facility with Scotiabank provides PTI significant growth capital to continue to grow its business across Latin America. Scotiabank is a market leader in tower financing in Latin America and we are excited to close this ground breaking facility with a fantastic bank group representing many banks that have partnered with PTI historically over the years as we continue our expansion across the region,” said Dagan Kasavana, CEO of Phoenix Tower International.
PTI owns and operates more than 1,400 towers and other wireless infrastructure and related sites throughout Latin America, the Caribbean and the U.S. PTI currently owns and operates wireless infrastructure in Costa Rica, Panama, El Salvador, the Dominican Republic, Colombia, Peru and the U.S. including Puerto Rico. PTI’s investors include funds managed by Blackstone Tactical Opportunities as well as various members of the management team, and is headquartered in Boca Raton, FL.