CiG Wireless gets $150 million multi-draw term loan from Macquarie

By Marisa Wong

Madison, Wis., Sept. 14 - CiG Wireless Corp., through its subsidiary CIG Comp Tower, LLC, closed on a new $150 million multi-draw term loan credit facility with administrative agent Macquarie Bank Ltd. on Sept. 7, according to an 8-K filed Friday with the Securities and Exchange Commission.

The credit facility matures on Sept. 6, 2017 and will not be amortized. Borrowings may be prepaid in whole or in part.

Interest is equal to Libor plus 725 basis points.

The facility was completed the same day the company closed an acquisition of certain communications towers and assets from Towers of Texas, Ltd.

"This new debt facility is a major step in our overall strategic business plan, and the structure of this facility provides us with a high degree of flexibility to respond to opportunities," president and chief executive officer Paul McGinn said in a press release.

"Having cemented into place this cornerstone financing, we can now focus on growth through acquisitions and self-developed communications towers across the United States."

The wireless communications provider is based in Atlanta.

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