Phoenix Tower secures €1.2 billion multi-jurisdiction loan

Chicago, Sept. 29 – Phoenix Tower International LLC through its Spanish subsidiary Phoenix Tower International Spain ETVE, SLU closed a new €1.2 billion senior credit facility, according to a press release.

The transaction comprises a €700 million term loan, a €400 million delayed-draw term loan, a €50 million revolver and a €50 million debt service reserve facility.

All components mature in September 2030.

Natixis CIB worked as the structuring bank.

The lead bookrunners and mandated lead arrangers were Natixis and Deutsche Bank AG.

Other mandated lead arrangers and bookrunners were ABN Amro Bank NV, ING Bank NV and Scotiabank (Ireland) DAC.

BNP Paribas and MUFG Bank acted as mandated lead arrangers.

Citibank Europe plc Dublin, Mizuho Bank Europe and Toronto Dominion Bank participated.

Natixis is also the facility agent.

ING Bank NV is the sustainability coordinator.

Freshfields Bruckhaus Deringer acted as external legal counsel of the company, and Allen & Overy acted as external legal counsel of the lenders.

The loan consolidates existing loans and will support growth.

Proceeds, specifically, will be used to repay existing debt, to fund capital expenditure requirements and acquisitions (including the recent acquisition of the French portfolio of wireless tower assets from Cellnex) and to fund 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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