CARY, N.C.-TowerCo Inc., a wireless tower owner, announced it has secured a $35 million senior credit facility from CapitalSource Finance L.L.C. and plans to use the three-year, cash flow-based loan to fund an aggressive growth spurt. The company said it wants to expand from its current 115 towers to 1,000 by the end of 2009.
“We are pleased with the growth TowerCo has achieved over its first 10 months of operation, and we believe our asset portfolio and the agreements we have in place put TowerCo on a path to becoming a significant player in the tower industry,” said Richard Byrne, chief executive of TowerCo.
TowerCo was founded in 2004.
