Daily News: December 31, 2013

Bankers South Provides Debt Capital to Bay Communications II

Bay Communications II announced the closing of a $10 million debt facility with Bankers South to support the continued growth of the company’s tower development portfolio. The company is backed by equity partner Seaport Capital, which initially invested in the company in 2011.

Brian Philpot, managing member of Bankers South, said, “We are pleased that Bay Communications and Seaport Capital had the confidence in Bankers South to provide a debt facility to support the company’s continued growth. We are impressed with the company’s existing collection of tower assets and are excited about its growth potential.”

Jim Riley, CEO of Bay Communications, said, “Closing a debt facility with Bankers South will help allow the company to execute on its strategic and tower development objectives. I appreciate Bankers South’s confidence in the company and the assets Bay has developed to date. The company has a significant pipeline of tower development opportunities and I am pleased that we identified a financing partner who is going to help it achieve its goals.”

Bob Tamashunas, a principal of Seaport Capital, said, “We believe we found the right debt financing partner to assist the company in realizing its development goals. We appreciate the relationship we have developed with the Bankers South team and look forward to working with them in the future.”

Mansfield, MA-based Bay Communications II develops, constructs, and operates cell phone towers in the northeastern United States.