VANCOUVER, British Columbia, September 29, 2021 (GLOBE NEWSWIRE) – TURN A WIRELESS CORP. (CSE: TO) (OTCQB: TOWTF) (Frankfurt: 1P3N) (“Round 1“or the”Society“) is pleased to announce that the Company has entered into a long-term debt financing agreement (the”Funding partnership“) with Itaú Corpbanca Colombia SA (“Itau“) And a new local partner in Colombia (the”Local partner“) for a total loan of US $ 25,000,000 (the”To lend“).
A total of 75% of the loan will be advanced by Itaú and will be secured by the company’s newly completed towers which are being built under the financing partnership. The Itaú Loan will be advanced in two installments with interest payable by the Company to Itaú every three (3) months at the rate of 4.615% + Indicador Bancario de Referencia (“IBR») For the first tranche and 4.39% + IBR for the second tranche. The Itaú Loan will have a term of 9.5 years.
A total of 25% of the loan will be provided by the local partner. The amount advanced by the Local Partner will bear interest at the rate of 6.2% per annum. The Company is required to repay the principal and accrued interest on the amount of the Loan advanced by the Local Partner at the earliest of the Company’s choice to acquire the participation of the Local Partner in the Financing Partnership or available to the Company. towers built under the Financing Partnership.
Alejandro Ochoa, CEO of Tower One Wireless Corp, said: “This new funding and partnership will allow us to continue to develop our Colombia connection plan. The product will be used to continue the deployment of more than 300 towers over the next 12 months. Meanwhile, we are devoting our efforts to building a strong construction order book, to date we have over 400 turns in the pipeline and several alternatives to expand it further. “
About the first round
Tower One’s core business is to build, own and operate multi-tenant wireless telecommunications infrastructure (“towers“) in Latin America. Tower One rents space on its towers to mobile network operators. The Company focuses on the bespoke construction of the tower industry whereby a long term lease is secured with a tenant prior to the construction of a tower. The Company owns and operates towers in Latin America (Colombia and Mexico, with a combined population of approximately 160 million people).
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Certain statements contained in this press release are forward-looking statements, which include regulatory approvals and other matters. Forward-looking statements consist of statements which are not purely historical, including statements regarding beliefs, plans, expectations or intentions regarding the future. Such information can generally be identified by the use of forward-looking terms such as “may”, “expect”, “estimate”, “anticipate”, “intend”, “believe” and “continue” or their negative or similar variations. The forward-looking statements contained in this press release include statements regarding the Company’s expectations of obtaining acceptance of new tours by the Company’s customers. By their nature, forward-looking statements involve many assumptions, known and unknown risks and uncertainties, both general and specific, which contribute to the possibility that predictions, estimates, forecasts, projections and other forward-looking statements will not be achieved. not. Forward-looking statements are necessarily based on a number of factors which, if inaccurate, could cause the actual results, performance or achievements of the Company to be materially different from the future results, performance or achievements expressed or implied. by these statements. In particular, the forward-looking statements contained in this press release include, without limitation, the advance and repayment of the loan and interest under the financing partnership; and, the Company’s intended use of the proceeds of the Loan. These assumptions, risks and uncertainties include, among other things, that the financing partnership may not proceed as planned or not at all; that the proceeds of the Loan cannot be advanced, reimbursed or used as intended; 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 the control of the Company. Although these estimates and assumptions are considered reasonable by the management of the Company, they are inherently subject to significant commercial, economic, competitive and regulatory uncertainties and risks. The Company assumes no obligation to update any forward-looking statements or forward-looking information referenced herein, whether as a result of new information events or otherwise, except as required by applicable securities laws.