TowerCo readies launch of $390 million credit facility for Thursday

By Sara Rosenberg

New York, Jan. 18 - TowerCo is scheduled to hold a bank meeting on Thursday afternoon to launch its proposed $390 million credit facility, according to a market source.

Morgan Stanley & Co. Inc., TD Securities LLC and Fifth Third Bank are the lead banks on the deal.

The facility consists of a $40 million four-year revolver and a $350 million six-year term loan, according to the source.

Proceeds will be used to refinance existing debt and fund a dividend.

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

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