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Tillman Infrastructure raises $1B for U.S. cell towers

Apr 25, 2024
Illustration of a cell phone tower sending out dollar sign signals

Illustration: Sarah Grillo/Axios

Tillman Infrastructure, a New York-based tower company founded in 2016, has raised $1 billion to refinance loans and provide new growth capital.

Why it matters: The big raise fuels the young telco's ambitious growth plans — building infrastructure in rural and suburban America.

Catch up quick: Private investment firm Tillman Global Holdings owns the company, which constructed its first tower in 2017. It owns more than 2,000 macro tower sites and is developing thousands more. It recently hired Chris Hickman, formerly of Crown Castle, as CFO.

Zoom in: Tillman Infrastructure secured a $500 million term loan facility with a syndicate of lenders, arranged by JPMorgan Chase. It included Crédit Agricole Corporate and Investment Bank, Banco Santander, CoBank ACB, MUFG Bank and Sumitomo Mitsui Banking Corporation.

  • It also received $500 million from affiliates and managed funds of HPS Investment Partners, Apollo and Oak Hill Advisors.
  • Sullivan & Cromwell and Ropes & Gray advised.
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