Phoenix Tower International has signed a $6.5 billion multi-jurisdiction financing designed to refinance existing debt and provide substantial additional capacity for capital expenditures, acquisitions, and working capital as the wireless infrastructure company expands globally.
The financing consists of $5.365 billion equivalent of term loan facilities, $635 million equivalent of delayed-draw term loan facilities and a $500 million revolving credit facility.
The transaction spans all 23 jurisdictions in which PTI operates across Europe, Latin America, the Caribbean and the U.S. It is targeted to close by the end of September.
Management said the financing will simplify PTI’s capital structure, reduce borrowing costs and give the company additional flexibility to pursue infrastructure investments and acquisitions.
PTI operates more than 33,000 mobile network sites across 23 countries and provides neutral-host infrastructure that can be accessed by multiple mobile network operators.
The company sees rising data consumption and artificial intelligence traffic as potential drivers of additional demand for communications infrastructure.
CEO Dagan Kasavana said existing network architecture is likely to face increasing strain as AI workloads and data usage expand, increasing the need for additional wireless infrastructure investment.
CFO Michael Bremer described the transaction as the largest financing of its kind for a privately held tower company in the industry.
The financing gives PTI both refinancing capacity and incremental capital rather than functioning solely as a debt replacement transaction.
That structure should provide the company with financial resources to invest in existing markets while continuing to evaluate new geographic expansion and acquisition opportunities.
KEY QUOTES:
“We believe that the existing network architecture will face significant strain in the coming years from AI traffic and continued growth in data consumption. This financing positions us to continue delivering for our customers globally.”
Dagan Kasavana, Chief Executive Officer Of Phoenix Tower International
“We are very pleased to have signed this $6.5 billion financing, the largest of its kind for a privately held tower company in our industry.”
Michael Bremer, Chief Financial Officer Of Phoenix Tower International
