Daily News: October 4, 2018

Scotiabank Leads Phoenix Tower $485MM Term Loan


Phoenix Tower International (PTI), a wireless communications infrastructure provider, closed a $485 million senior secured term loan facility to continue its international expansion.

PTI successfully upsized and extended its existing credit facility and strengthened the composition of its syndicate group highlighting the company’s continuing success. The transaction consists of $290 million senior secured five-year term loan and a $195 million delayed draw which will allow PTI to continue expanding internationally.

The credit facility was led by Scotiabank, with Goldman Sachs, Deutsche Bank, Santander, ING Capital, Natixis, Banco General, Orix Capital and Towerbank participating and is the first Pan-Latin America facility of its kind secured by infrastructure assets.

The credit facility provides financing on PTI’s existing wireless infrastructure, new tower development and acquisitions across PTI’s existing Latin America markets as well as many additional Latin America markets.

“With this financing, PTI has full flexibility to continue to grow the business across Latin America with available debt financing at our disposal. We are incredibly excited to close this loan with Scotiabank and the entire lender group,” said Dagan Kasavana, PTI CEO.

PTI was represented by Locke Lord. Scotiabank and the lender group were represented by White & Case. Terms of the transaction remain confidential.

Founded in 2013, Phoenix Tower International owns and manages over 6,000 towers, 974 km of fiber and other wireless infrastructure and related sites.