TowerCo launches $240 million senior secured credit facility

By Sara Rosenberg

New York, Nov. 12 - TowerCo held a bank meeting on Thursday afternoon to launch its proposed $240 million senior secured credit facility, according to a market source.

Morgan Stanley and Jefferies are the lead banks on the deal.

The facility consists of a $40 million three-year revolver and a $200 million five-year term loan B, the source said.

Price talk on the term loan B is Libor plus 400 basis points to 425 bps with a 2% Libor floor and an original issue discount that is still to be determined, the source added.

Proceeds will be used to pay a dividend to sponsors.

TowerCo is a Cary, N.C.-based developer, owner and leaser of communication towers.

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