Sprint Nextel Corp. (S) added another tower company as it moves forward with its Network Vision Plan, this time inking a deal with Mobilitie that covers several hundred cell sites, allowing Sprint to be flexible as it migrates from its iDEN network and moves to a streamlined network architecture.
The deal also allows Sprint and Mobilitie to use build-to-suit solutions to keep with Sprint Network Vision schedule, Sprint said. Sprint’s Network Vision plan is a $5 billion initiative to realign its network. Sprint signed a similar deal with Crown Castle International Corp. that covers 10,000 towers.
For Mobilitie, the deal comes on the heels of a July announcement that it has raised an additional $415 million dollar facility with TD Securities. The facility consists of $245 million senior secured Term Loan B Notes with a maturity date of June 2016 and $170 million of Delayed Draw Term Loan and revolver with a maturity date of June 2017. There is an incremental facility of up to an additional $100 million. The funds will be used to build and acquire additional towers and Distributed Antenna Systems (DAS) in the United States and internationally.
