Ares Management Corporation and Apollo have confirmed their participation in Phoenix Tower International’s (PTI) recently announced $6.5bn (€5.74bn) multi-jurisdiction debt package, contributing a combined $3.8bn.
Ares provided $2bn towards the financing, funding $1.8bn at closing, while Apollo and its infrastructure finance platform Apterra committed $1.8bn.
The confirmation follows PTI’s announcement in late August that it had secured the $6.5bn package to consolidate existing facilities and fund global platform expansion.
The transaction comprises $5.37bn equivalent term loan facilities, $635m in delayed draw term loans and a $500m revolving credit facility across PTI’s 23 operating jurisdictions in Europe, Latin America, the Caribbean and the US.
Proceeds will be used to refinance debt, fund capital expenditure and acquisitions, and support working capital for the Blackstone-backed tower operator.
Roopa Murthy, partner and co-head of EMEA infrastructure debt at Ares, said: “PTI has established itself as one of the premier independent telecommunications tower platforms globally, with a differentiated portfolio of high-quality assets, an exceptional management team and a proven track record of disciplined growth across diverse markets.
“Alongside Blackstone and the broader sponsor group, we look forward to supporting the company’s next phase of growth.”
Samuele Cappelletti, partner, real assets at Apollo, said: “PTI has built a leading global platform, underpinned by a strong management team and an impressive track record.
“We are pleased to be a long-term partner to PTI and the sponsor group led by Blackstone and look forward to supporting the company as it continues its strong growth trajectory.”
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