Guatemala’s Continental Towers, a JV between Terra Projects and Credit Suisse, has secured a US$120m loan from International Finance Corporation (IFC), part of the World Bank.
The financing comprises a US$40m loan from IFC and a US$80 syndicated loan,…
Guatemala’s Continental Towers, a JV between Terra Projects and Credit Suisse, has secured a US$120m loan from International Finance Corporation (IFC), part of the World Bank.
The financing comprises a US$40m loan from IFC and a US$80 syndicated loan, with backing from HSBC Bank (Panama), Panama’s Banco General; FMO (Netherlands Development Finance Company); and CIFI (Corporación Interamericana para el Financiamiento de Infraestructura).
The proceeds of the financing will be used to build and maintain towers across Central America, to increase phone coverage, and to reduce communication costs. Continental is to double its number of towers across the region.
“IFC understands the unique needs of growing companies in Latin America’s telecommunications sector and has provided us with a financing package that will allow us to continue our role as one the leading regional independent tower companies in Latin America,” said Jose Paz, CEO of Continental Towers.
The towerco operates in Guatemala, Costa Rica, El Salvador, Honduras, Nicaragua and Panama.
“Broadening access to affordable mobile telecommunications services remains a crucial part of development across Latin America. With this investment, IFC is facilitating access to knowledge, innovation, and improved government and business services that mobile communications can bring,” said Bernard Sheahan, IFC Director of Infrastructure and Natural Resources in Africa, Latin America, and the Caribbean.
