VANCOUVER, British Columbia, September 29, 2021 (GLOBE NEWSWIRE) – TOWER ONE WIRELESS CORP. (CSE: TO) (OTCQB: TOWTF) (Frankfurt: 1P3N) (“Tower one” or the “society“) Is pleased to announce that the company has entered into a long-term debt financing arrangement (the”Funding partnership“) With Itaú Corpbanca Colombia SA (“Itaú“) And a new local partner in Colombia (the”Local partner“) For a total loan of $ 25,000,000 (the”loan“).
A total of 75% of the loan will be advanced by Itaú and secured against the company’s newly completed towers, which will be built as part of the financing partnership. Itaú’s loan will be paid in two installments, with the company receiving interest every three (3) months at a rate of 4.615% + Indicador Bancario de Referencia (“IBR“) For the first tranche and 4.39% + IBR for the second tranche. Itaú’s loan has a term of 9.5 years.
A total of 25% of the loan is provided by the local partner. The amount advanced by the local partner earns interest of 6.2% pa. The company is obliged to repay the principal and accrued interest on the loan amount advanced by the local partner at the earlier date of the company’s choice to acquire the local partner’s stake in the financing partnership or for the company to sell the towers built under the agreement Financing partnership.
Alejandro Ochoa, CEO of Tower One Wireless Corp, said, “This new funding and partnership will allow us to continue to grow our plan to connect Colombia. The proceeds will be used for the further expansion of over 300 towers over the next 12 months. In the meantime, we are devoting our efforts to building up a heavy construction backlog; today we have more than 400 towers in the pipeline and several alternatives to expand them further. “
About Tower One
Tower One’s main business is building, owning and operating a multi-tenant wireless telecommunications infrastructure (“Towers“) in Latin America. Tower One rents space on its towers to cellular operators. The company focuses on building for the tower industry, whereby a long-term lease is signed with a tenant prior to building a tower. The company owns and operates towers in Latin America ( Colombia and Mexico with a total population of about 160 million people).
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Certain statements in this press release are forward-looking statements that involve regulatory approvals and other matters. Forward-looking statements consist of statements that are not purely historical, including statements about beliefs, plans, expectations, or intentions about the future. Such information can generally be identified by the use of forward-looking phrases such as “may,” “expect,” “estimate,” “anticipate,” “intend,” “believe,” and “continue,” or their negation or similar variations. Forward-looking statements in this press release include statements relating to the Company’s expectations of the Company’s customers’ acceptance of new towers. By their very nature, forward-looking statements involve numerous assumptions, known and unknown risks and uncertainties, both general and specific, that prevent predictions, estimates, forecasts, forecasts and other forward-looking statements from occurring. Forward-looking statements are necessarily based on a number of factors which, if incorrect, could cause actual results, performance or accomplishments of the company to differ materially from those expressed or implied in such statements are included. Forward-looking statements in this press release include, in particular, the prepayment and repayment of the loan and interest under the financing partnership; and the Company’s intended use of the loan proceeds. These assumptions, risks and uncertainties include, among other things, that the Sponsorship Partnership may not go as expected or not at all; that the proceeds from the loan may not be advanced, repaid or used as expected; the state of the economy in general and the capital markets in particular, the impact of the ongoing COVID-19 pandemic, current and future business strategies, the environment in which the company will operate in the future, and other factors, many of which are beyond Control of the company. Although such estimates and assumptions are believed by the company’s management to be reasonable, they are inherently subject to significant business, economic, competitive and regulatory uncertainties and risks. The company assumes no obligation to update any forward-looking statements or information referenced herein, whether as a result of new information events or for any other reason, except as required by applicable securities laws.