Preparing for growth, Phoenix Tower International (PTI) sealed a deal with T-Mobile for ownership of over 600 nationwide wireless communication tower sites, including exclusive management and operation rights, the company announced this week in Boca Raton, Florida.
Additionally, PTI closed a five-year credit facility for its U.S. subsidiaries — with Canadian investment bank and financial services provider TD Securities providing arrangements — in order to finance the T-Mobile acquisition and supply additional capital for new tower development projects and acquisitions nationwide.
"The closing of this credit facility with Toronto Dominion was crucial to the acquisition of the sites with T-Mobile,” Dagan Kasavana, Phoenix Tower International CEO, said. “Furthermore, TD's facility provides additional financing for development and acquisition opportunities in the United States where we want to continue to build momentum after our transaction with T-Mobile. TD is a market leader in tower financing and we are excited to work with them in our continued expansion in the United States."
TD Securities (USA) served as merger and acquisitions advisor as well as providing financial backing to PTI in the transaction. Locke Lord acted as PTI’s legal advisor. For T-Mobile, TAP Advisors served as exclusive financial advisor, and Lape Mansfield Nakasian & Gibson acted as legal advisor. Transaction terms were confidential.
Founded in 2013, Phoenix Tower International owns and operates high quality wireless infrastructure sites around the world in stable markets experiencing strong wireless usage growth, primarily in Latin America, the Caribbean and the United States.