CARY, N.C.—TowerCo L.L.C. announced that its credit facility from CapitalSource has been raised from $35 million to $75 million. The two-year-old tower company said it will use the funds to expand its tower portfolio from its existing 360 towers to more than 600 towers.
“We are pleased with the growth TowerCo has achieved in its first two years and confident we will continue to fulfill the promises we have made to our customers and our investors,” said Richard Byrne, chief executive officer of TowerCo. “This expansion of our senior credit facility, along with the support we received from our equity investors Tailwind Capital and Soros Strategic Partners, will support our goal to become a significant player in the tower industry.”
In February, Cingular Wireless L.L.C. named TowerCo as one of five national built-to-suit providers, significantly expanding the relationship between the companies. TowerCo in 2005 covered 50 Cingular towers in Michigan and Ohio.
