Phoenix Tower International enters into credit facility with Scotiabank to finance its Dominican Republic tower assets

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Nov 10, 2015, 03:04 ET

BOCA RATON, Fla., Nov. 10, 2015 /PRNewswire/ -- Phoenix Tower International ("PTI") announces the closing of a $45M five-year credit facility with the bank of Nova Scotia ("Scotiabank") for its subsidiary, Phoenix Tower Dominicana, S.A.S. The credit facility was used to finance the acquisition of Teletower Dominicana, S.A.S and provide additional financing for new tower development, acquisitions of wireless infrastructure in the Dominican Republic and other corporate purposes. Scotiabank served as lead arranger on the credit facility and financial advisor on the acquisition. "The closing of this credit facility with Scotiabank will help PTI expand its business plans further in the Dominican Republic where we see various opportunities for continued growth. Scotiabank is a market leader in tower financing and we are excited to work with them in our continued expansion in the Dominican Republic and other markets across Latin America and the Caribbean" stated Dagan Kasavana, Chief Executive Officer of Phoenix Tower International.

About Phoenix Tower International:

Phoenix Tower International ("PTI") owns and operates towers and other wireless infrastructure and related sites throughout Latin America, the Caribbean and the United States. PTI was founded in 2013 with a mission to be a premier site provider to wireless operators across various high-growth markets internationally. Phoenix Tower International and its affiliates currently own and operate wireless infrastructure in Costa Rica, Panama, the Dominican Republic, Colombia the United States and Brazil. PTI's investors include funds managed by Blackstone Tactical Opportunities, as well as various members of the management team. PTI is based in Boca Raton, Florida. For more information about Phoenix Tower International, please visit www.phoenixintnl.com.