TowerCo secures $35 million for growth plan
TowerCo, a 10-month-old company that owns and leases multi-tenant cellular towers, has earned a $35 million senior credit facility from CapitalSource Finance LLC, which it will use to fund a growth strategy with the goal of owning 1000 towers by the end of 2009.
The three-year, cash-flow-based loan comes amid an increasingly active market for tower consolidation and wireless network backhaul options. Among other deals, FiberTower, a company backed by three major tower firms, recently raised $150 million in new funding.
TowerCo in April entered into an agreement with Nextel Partners, the Nextel Communications affiliate, for the purchase, construction and ownership of 300 cell towers. TowerCo currently owns 115 towers and has agreements with carriers that will increase its tower ownership to more than 500 over the next 24 months, the company said in a statement.
DH Capital LLC served as TowerCo’s investment advisor in the transaction. The company, based in Cary, N.C., also is backed by Tailwind Capital Partners.
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© 2012 Penton Media Inc.
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