News & media Brazil Tower Company Announces First Close of $104 Million Debt Financing
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.
