Phoenix Tower seals R$80m IFC loan to fund wireless build-out

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Phoenix Tower Participacoes (PTP) has raised a R$80 million ($25.13 million) long-term A loan from the IFC to fund the construction of wireless telecoms towers in Brazil. The debt was disbursed on July 21.

In 2015, PTP, which is ultimately owned by Blackstone, added to its own assets by acquiring more than 500 towers from T4U Holding Brasil. The borrower is in the process of consolidating that acquisition, and plans to construct another 200 towers for all of the major wireless operators in Brazil. Total investment in the project is around R$100 million, with the remainder coming from equity and internal cash generation.

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