Phoenix Tower International (PTI), through its Spanish subsidiary (Phoenix Tower International Spain ETVE), U.S. subsidiary (Phoenix Tower U.S. Holdings (REIT)), and its Chilean subsidiary (Phoenix Tower International Chile SpA) amended and restated its senior credit facilities to consolidate and expand them into a single $2 billion senior secured multi facility transaction covering all of North and South America.
The amended transaction comprised of the following senior secured facilities: a $1.4 billion term loan, a $540 million delayed draw term loan and a $56 million revolving credit facility, all of which are due in August 2027. 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, fund future capital expenditure requirements and acquisitions and fund working capital requirements, respectively.
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. PTI has become the largest communications tower owner in Chile, expanding its global presence to over 22,000 towers in 19 countries.
White and Case acted as external legal counsel of the lenders, and Locke Lord acted as external legal counsel of the company.
In addition to Scotiabank acting as sole lead arranger and sole bookrunner in the financing, and sole financial advisor in the acquisition, the following banks acted as senior mandated lead arrangers or mandated lead arrangers, while 13 other institutions acted as lead managers, managers and participants: BNP Paribas, Crédit Agricole Corporate & Investment Bank, ING Capital, Banco Santander, Sumitomo Mitsui Banking Corporation, Societé Générale, JP Morgan Chase Bank and MUFG Bank.