Phoenix Tower International (PTI) has signed a $6.5 billion multi-jurisdiction financing agreement.

The Florida-based tower company confirmed the financing agreement yesterday (August 31), noting that the new financing consolidates its existing loans and provides substantial additional capacity for growth in both existing and new markets globally.

According to PTI, the transaction comprises $5.365 billion equivalent term loan facilities, $635 million equivalent delayed draw term loan facilities, and a $500 million revolving credit facility.

The financing spans all 23 markets that the company operates in, across Europe, Latin America, the Caribbean, and the United States.

PTI operates approximately 33,000 towers across these 23 markets.

The company said the facilities will help repay existing indebtedness, including related fees and expenses; fund capital expenditure requirements and acquisitions; and fund working capital requirements.

PTI said it expects the transaction to close by the end of September.

“This multi-jurisdiction transaction gives PTI the capital structure and flexibility to continue investing in infrastructure that connects communities worldwide,” said Dagan Kasavana, chief executive officer, PTI.

“The strong lender appetite reflects the discipline and vision that have driven our growth for over a decade, as we have expanded our wireless infrastructure platform and delivered value-added solutions to our customers. We believe that the existing network architecture will face significant strain in the coming years from AI traffic and continued growth in data consumption. This financing positions us to continue delivering for our customers globally, helping them achieve their goals in partnership with PTI.”

“It will enable us to simplify our capital structure, reduce borrowing costs, and access incremental capital to support future growth,” said Michael Bremer, chief financial officer of PTI.

Earlier this year, PTI completed its acquisition of around 3,700 telecom towers in France from Bouygues Telecom and SFR’s tower JV Infracos, while last year, the company spent €971m ($1.1bn) to acquire Cellnex’s Irish tower unit last year.

In September 2023, the company acquired almost 2,000 more urban sites in France following the closing of two deals, and separately entered an agreement to enter the German market.

PTI also acquired 1,300 telecom towers from Liberty Latin America (LLA) for $407m, for sites across Panama, Jamaica, the Bahamas, Puerto Rico, Barbados, and the British Virgin Islands.