Brazil Tower Company Announces First Close of $104 Million Debt Financing
Montreal, April 23, 2018 – Led by Cordiant Capital of Montreal, Brazil Tower Company (“BTC”), a Brazil-based independent tower company, recently closed on $79 million (USD) of a $104 million (USD) long-term senior secured debt financing with three international lenders. The company expects to close on the remaining $25 million of financing during Q3 of this year. The use of proceeds is to fund construction of the company’s contracted pipeline and refinance BTC’s existing debt.
“We are very excited about the growth we are realizing in Brazil through new tower development and new collocations and amendments. Our backlog of new towers and pipeline for growth is the strongest we have seen since 2015,” said Tom Staz, BTC’s Chief Financial Officer and a partner at 1848 Capital Partners in Miami, BTC’s primary equity sponsor. “With the support of our new debt facility and a large inventory of customer orders, we will continue to strategically rollout new tower sites over the next 18-24 months to double the size of our tower portfolio and triple the cash flows of the business.”
“We are pleased that three EM-focused international financial institutions have decided to be important in BTC’s next phase of growth. Together with an existing equity investment from an important regional bank and 1848 Capital Partners, BTC has strong international sponsors which speaks highly of the team and the important development impact of BTC in Brazil,” added Jay Tom, Managing Partner and Founder of Wisteria Court LLC, which acted as an advisor to BTC on the transaction.
PRESS RELEASE DISCLAIMER
Some of the statements in this press release may be forward-looking statements or statements of future expectations based on currently available information. Such statements are naturally subject to risks and uncertainties. Factors such as the development of general economic conditions, future market conditions, unusual catastrophic loss events, changes in the capital markets and other circumstances may cause the actual events or results to be materially different from those anticipated by such statements. Cordiant Capital does not make any representation or warranty, express or implied, as to the accuracy, completeness or updated status of such statements. Therefore, in no case whatsoever will Cordiant Capital and/or its affiliate companies be liable to anyone for any decision made or action taken in conjunction with the information and/or statements in this press release or for any related damages.
The whole or any part of this work may not be reproduced, copied or transmitted or any of its contents disclosed to third parties without Cordiant Capital’s express written consent.