CiG Wireless amends interest rate on credit agreement via Macquarie

By Toni Weeks

San Luis Obispo, Calif., Dec. 15 – CiG Wireless Corp., through subsidiary CiG Comp Tower, LLC, amended its credit agreement on Dec. 9 with Macquarie Bank Ltd. as administrative agent and collateral agent, according to an 8-K filing with the Securities and Exchange Commission.

The amendment, among other things, decreases the interest rate floors under the credit agreement as of Oct. 1, 2015. Currently, borrowings bear interest at Libor plus 725 basis points with a Libor floor of 1.25%. Beginning Oct. 1, 2015, borrowings will bear interest at Libor plus 575 bps with a Libor floor of 1%.

The company also entered into an amended and restated right of first refusal agreement with subsidiary CiG Properties, LLC and Macquarie. The amended right of refusal agreement places certain conditions on the company’s ability to obtain third-party financing on tower acquisitions if Macquarie does not provide all of the financing for some acquisitions.

Additionally, the company announced that it received a $3.5 million loan evidenced by a promissory note from each of Fir Tree Capital Opportunity (LN) Master Fund, LP and Fir Tree REF III Tower LLC. The notes mature on Aug. 1, 2018.

The wireless communications provider is based in Wellington, Fla.

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