Pinnacle Towers to hold bank meeting Wednesday for new $340 million credit facility

By Sara Rosenberg

New York, July 10 - Pinnacle Towers Inc. is scheduled to hold a bank meeting on July 17 regarding $340 million in exit financing, according to a syndicate source. Deutsche Bank and Bank of America are joint lead arrangers for the deal.

The loan consists of a $40 million revolver with an interest rate of Libor plus 350 basis points and a $300 million term loan B with an interest rate of Libor plus 400 basis points, the syndicate source said.

Basically all assets will be used to secure the loan, the syndicate source said.

Pinnacle Towers, a Fortress Investment Group and Greenhill Capital Partners portfolio company, is a Sarasota, Fla. provider of communication site rental space. The company filed for reorganization under Chapter 11 in May.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.