Phoenix Tower International Signs New $6.5 Billion Multi-Jurisdiction Financing
Phoenix Tower International (PTI), a global provider of wireless communications infrastructure, has announced the signing of a new financing agreement worth $6.5 billion aimed at consolidating existing loans and providing additional capital for growth in both current and new markets. The financing includes $5.365 billion in term loan facilities, $635 million in delayed draw term loan facilities, and a $500 million revolving credit facility, encompassing all of PTI's operations across 23 jurisdictions, including Europe, Latin America, the Caribbean, and the United States. The transaction is expected to close by the end of September.
The proceeds from this transaction will be utilized for several purposes: repaying existing debts along with associated fees and expenses, funding capital expenditures and acquisitions, and meeting working capital requirements. Dagan Kasavana, the Chief Executive Officer of PTI, stated that this multi-jurisdiction financing provides the company with the necessary capital structure and flexibility to invest in infrastructure that connects communities worldwide. He noted the increasing pressure the existing network architecture will face from AI traffic and growing data consumption, emphasizing that this financing enables PTI to continue delivering for its customers globally.
Michael Bremer, PTI's Chief Financial Officer, highlighted the significance of this $6.5 billion financing, stating it is the largest of its kind for a privately held tower company in the industry. He expressed gratitude toward lending partners for their confidence in PTI and acknowledged the strength of the team's execution across the various jurisdictions. Bremer mentioned that the funding will allow PTI to simplify its capital structure, lower borrowing costs, and gain access to additional capital to support future growth initiatives.
Phoenix Tower International, headquartered in Boca Raton, Florida, operates over 33,000 mobile network sites across 23 countries. The company functions as a neutral host infrastructure provider, offering open access to all mobile network operators.