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Phoenix Tower International units expand, combine $2 billion facility
By Mary-Katherine Stinson
Lexington, Ky., Aug. 22 – Phoenix Tower International LLC through its Spanish subsidiary Phoenix Tower International Spain ETVE, SLU, U.S. subsidiary Phoenix Tower US Holdings (REIT) Inc. and Chilean subsidiary Phoenix Tower International Chile SpA announced today that it has 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, according to a news release.
The following senior secured facilities comprise the amended transaction: a $1.404 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.
As part of the Chilean transaction, Phoenix Tower acquired from WOM SA 2,334 tower sites at initial closing and approximately 1,466 additional sites to be delivered by 2024 for a total of approximately $930 million in cash.
Locke Lord LLP acted as counsel to the company, while White and Case LLP acted as counsel to the lenders.
Scotiabank was the sole lead arranger, bookrunner and financial advisor in the transaction.
BNP Paribas, Credit Agricole CIB, ING Capital LLC, Banco Santander, SA, Sumitomo Mitsui Banking Corp., Societe Generale, JP Morgan Chase Bank, NA and MUFG Bank, Ltd. were senior mandated lead arrangers or mandated lead arrangers.
In addition, 13 other institutions acted as lead managers, managers and participants.
Proceeds will be used to repay existing debt including related fees and expense and to fund the acquisition of the Chilean wireless towers, to fund future acquisitions and for working capital requirements.
Phoenix Tower is a Boca Raton, Fla.-based owner and operator of towers and other wireless infrastructure in the United States, Latin America and the Caribbean.
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