Central States Tower II obtains USD 35 million senior secured credit facility from CIT Corporate Finance
Central States Tower II or CST II received a senior secured credit facility from CIT Corporate Finance. The deal was worth USD 35 million. The CIT Group Inc is a financing and advisory services firm that caters to small businesses and middle market companies. Central States Tower II is a portfolio company of private equity firms Sweetwater Capital and Viridian Investment Partners. Central States Tower II operates and develops wireless communications towers.
The loan would enable CST II to refinance its debt. The proceeds would also be used to construct and develop additional towers across the US. The financial terms of the transaction were not provided. However, financing came from CIT Bank which is the US commercial bank subsidiary of CIT.
CST II Chief Executive Officer Brian Meier said about the financing, "The increase of wireless data and video usage continues to drive demand for towers as a greater number of cell sites, in denser site locations, are needed for handling data traffic. We have a strong relationship with CIT and appreciate their industry expertise and ability to provide the structural flexibility and capital through this transaction, which will enable us to further grow our company."