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Global Tower Partners closes $815M total in new financing

Exactly one week after closing $645 million in financing, Global Tower Partners has secured an additional $170 million through a five-year, revolving loan. The Boca Raton, Fla.-based company owns 13,000 tower sites in the United States, making it the fourth largest tower management company behind American Tower Corp. (AMT), Crown Castle International Corp. (CCI) and SBA Communications Corp. (SBAC).
“This is clearly the biggest debt deal we’ve ever done as a company” CEO Marc Ganzi told RCR Wireless News.
“What investors like about towers is you have a lot of equity protection embedded in the assets,” he said. “The entire sector continues to deliver… The tower business today sits in a very privileged position as an asset class.”
Ganzi noted that there is still some volatility in the marketplace and he expects people will be more mindful of spreads.
The $170 million revolving loan was backed by TD Securities, RBC Capital Markets, Bank of America, Morgan Stanley and Deutsche Bank. Last week’s $645 million financing through secured note sales was underwritten by Morgan Stanley and Deutsche Bank Securities, with Bank of America, Merrill Lynch, RBC Capital Markets and TD Securities co-managing the transaction.
Some of the new capital was used to repay existing notes and the remainder will be used to fund the independent company’s future business plans.

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Matt Kapko
Matt Kapko
Former Feature writer for RCR Wireless NewsCurrently writing for CIOhttp://www.CIO.com/ Matt Kapko specializes in the convergence of social media, mobility, digital marketing and technology. As a senior writer at CIO.com, Matt covers social media and enterprise collaboration. Matt is a former editor and reporter for ClickZ, RCR Wireless News, paidContent and mocoNews, iMedia Connection, Bay City News Service, the Half Moon Bay Review, and several other Web and print publications. Matt lives in a nearly century-old craftsman in Long Beach, Calif. He enjoys traveling and hitting the road with his wife, going to shows, rooting for the 49ers, gardening and reading.