Global Tower Partners closed on two separate financing agreements last week that will allow it to pursue growth opportunities in the tower sector, as well as pay off some existing debt.
The company secured $250 million of secured tower revenue notes with a weighted average interest rate of 5.17%, with an expected five-year repayment date, and a 30-year legal maturity. The notes were underwritten by Barclays Capital and Deutsche Bank Securities, with co-managers TD Securities, RBC Capital Markets, BoA Merrill Lynch and Macquarie Capital.
GTP also secured a $155 million senior credit facility with a five-year security, which was arranged by Toronto Dominion Bank.
“Through our second securitization, we have taken the opportunity to lower our cost of funding in the current market at attractive terms,” said CEO Marc Ganzi. “We also see a range of opportunities to continue growing our existing portfolio and our new senior credit facility positions us well to pursue them.”
Privately held Global Tower Partners counts 3,200 owned towers. The tower industry as a whole was able to secure funding in 2009, despite the troubled economy. The GTP announcements likely are further testament to the favorable way Wall Street views the tower business. InSite Wireless Group got an undisclosed private equity investment earlier this year and ExteNet announced $128 million in financing last month.
RCR Exclusive: GTP secures funding for growth plans : $250M in notes, $155M in credit facility
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