CIT Communications & Technology Finance served as sole lead arranger and administrative agent in a senior secured credit facility to Central States Tower (CST), a leading middle-market operator and developer of wireless communications towers and a portfolio company of Sweetwater Capital, LLC. Financing was provided by CIT Bank, N.A., the principal bank subsidiary of CIT. Terms of the transaction were not disclosed.
Since 2006, CST has successfully constructed over 500 new wireless communications tower sites throughout the United States. Through this current financing with CIT and Sweetwater, CST has secured up to $75 million in new debt and equity financing.
“With this new financing in place, we will be able to seamlessly continue to develop and construct new tower sites,” said Brian Meier, Chief Executive Officer of Central States Tower. “We are extremely excited to work with CIT and Sweetwater again, both of whom have been valued and trusted partners.”
William Marraccini, Partner of Sweetwater Capital, said, “Along with CST’s management team, we intend to continue to execute our successful business model to build the highest quality tower portfolio in the U.S. CIT’s deep industry expertise and experience, coupled with our long-standing relationship, are the reasons we continue to look to CIT as our debt financing partner.”
“We have maintained a strong relationship with CST and Sweetwater Capital over the past eight years,” said Tom Westdyk, Group Head and Managing Director, CIT Communications & Technology Finance. “CST has a highly experienced management team with a proven track record that operates in an industry sector with very strong and stable fundamentals.”
Roger Fong, Director, CIT Communications & Technology Finance, said, “Based upon the strength of their development expertise and operational experience, we believe that CST is well positioned to capitalize on continuing positive trends within the wireless infrastructure sector. We’re pleased to provide this financing in continued support of CST’s growth efforts.”
Founded in 2006, Central States Tower, LLC is a leading independent developer, owner and operator of wireless communications towers. CST’s management team has over 60 years of aggregate experience in the wireless infrastructure industry.
Founded in 2002, Sweetwater Capital Holdings, LLC is a private equity investment firm that invests in service businesses with recurring revenue streams protected by inherent barriers to entry that provide critical infrastructure to the Internet and to wireless communications networks.