Phoenix Tower International (PTI), through its Spanish subsidiary, U.S. subsidiary and its Chilean subsidiary announced that it has amended and restated its senior credit facilities to consolidate and expand them into a single US$2.0 billion senior secured multi facility transaction covering all of North and South America.
The amended transaction comprised of the following senior secured facilities: (i) a US$1,404 million term loan, (ii) a US$540 million delayed draw term loan, and (iii) a US$56.0 million revolving credit facility, all of which are due in August 2027 (5 year).
Proceeds from the Facilities will be used to: (i) repay existing indebtedness including related fees and expenses and fund the acquisition of the Chilean portfolio of wireless tower assets from WOM, (ii) fund future capital expenditure requirements and acquisitions, and (iii) fund working capital requirements, respectively.
As part of the Chilean transaction, PTI acquired from WOM 2,334 tower sites at the initial closing and 1,466 additional sites to be delivered by 2024 for a total consideration of approximately $930M. PTI has become the largest communications tower owner in Chile, expanding its global presence to over 22,000 towers in 19 countries.
