April 19, 2017 – Phoenix Tower International (“PTI”) announces the closing of a long term Latin American credit facility between its subsidiaries in Dominican Republic, Costa Rica, Panama, El Salvador, Colombia and Peru and a consortium of lenders led by Scotiabank and joined by Banco General, S.A., ING Capital LLC, Popular Bank Ltd. Inc., Towerbank International Inc. and Metrobank, S.A. The credit facility provides financing on PTI’s existing wireless infrastructure, new tower development and acquisitions across PTI’s existing six (6) Latin America markets as well as many additional Latin America markets.
“The closing of this credit facility with Scotiabank provides PTI significant growth capital to continue to grow its business across Latin America. Scotiabank is a market leader in tower financing in Latin America and we are excited to close this ground breaking facility with a fantastic bank group representing many banks that have partnered with PTI historically over the years as we continue our expansion across the region,” stated Dagan Kasavana, Chief Executive Officer of Phoenix Tower International.
PTI was represented by Lockelord, Nassar Abogados and Alemán, Cordero, Galindo & Lee (Alcogal). Scotiabank was represented by White & Case, Zurcher, Odio & Raven and Arias, Fábrega & Fábrega (ARIFA). Terms of the transaction remain confidential between the parties.