24 April 2018
| James Pearce
Neutral tower provider Brazil Tower Company (BTC) has closed on $79 million of a $104 million long-term debt financing, which it plans to use to boost its tower portfolio.
BTC already owns around 600
wireless towers in its portfolio, but it plans to double this
number to 1,200 using the funding, which was secured from three
international lenders led by Cordiant Capital of Montreal,
Wisteria Court, an emerging markets focused boutique
investment bank in New York, advised BTC on the transaction,
BTC, who counts the likes of Telefonica, TIM, and Claro
amongst its customer base, said it expects to close on the
remaining $25 million of financing by Q3 of 2018.
"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 CFO 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."
"BTC is very disciplined in its approach to new site
selection. We focus on highly trafficked and defensible
tower locations that will benefit from strong double-digit
organic growth," added BTC CEO Chahram Zolfaghari. "We
have achieved consistent year-over-year growth in asset count
and cash flow and look forward to accelerating that growth with
our new round of financing.