Wireless Industry News » CTI TOWERS SECURES $20M DEBT FACILITY FROM CIT
CTI TOWERS SECURES $20M DEBT FACILITY FROM CIT
Will be used to fund continued growth of the wireless tower company
Franklin, MA, July 13, 2017 – CTI Towers, a fast-growing wireless tower company, recently procured a $20 million debt facility with CIT Group Inc. (NYSE: CIT). The facility allows CTI Towers to continue its growth through building and acquiring wireless tower assets. The facility also provides CTI Towers with the potential to tap into an additional $20M once the initial $20M is drawn.
CTI Towers presently owns 208 towers and also manages the 435 towers of the Comcast Cable portfolio. This growth has occurred in just two years since CTI Towers sold its previous portfolio of 294 towers in 2015. “We are extremely pleased with the terms of the debt arrangement, and this now positions us well for future growth as the wireless industry continues to explode,” stated CTI Towers’ CEO, Tony Peduto. “5G, new spectrum deployments and the continued use of wireless devices for data and video will continue to burden the existing carrier networks. As the carriers look to add capacity everywhere, and bring better coverage to rural areas, towers will facilitate those deployments for the best coverage at the lowest cost.”
“CIT has numerous investments in the wireless infrastructure space, and we are pleased to partner with such an experienced group,” Peduto added.
“We’ve been watching CTI Tower’s performance since inception, and are confident about their continued growth potential,” said Roger Fong, managing director at CIT Communications & Technology Finance. “With our experience in serving leading companies in the wireless infrastructure sector, we look forward to supporting this extraordinary team.”
Comcast Ventures, the venture capital arm of Comcast Corporation, founded CTI Towers in 2011 and remains the primary equity investor. “CTI Towers continues to grow at an extraordinary pace,” said Dave Zilberman, Managing Director at Comcast Ventures. “The team understands how to compete by navigating the market to consistently deliver. This funding will help continue their already impressive portfolio growth.”
About CTI Towers: Based in Franklin, MA, the company was founded in 2011 to provide wireless carriers an opportunity to further continue network deployment without having to go through lengthy zoning processes to have towers constructed. The CTI Towers portfolio of existing towers allowed for immediate collocation and expanded wireless coverage and capacity. The company serves the national wireless carriers, regional carriers, utility companies, along with state and federal governmental agencies. For more, go to www.ctitowers.com
Contact: Megan Bertino, CTI Towers