CIT Group Inc. (NYSE: CIT) on Apr. 23 announced that its Technology, Media and Telecommunications unit served as joint lead arranger and administrative agent for a $325 million round of financing for Mobilitie Investments III LLC, a telecommunications infrastructure provider.
Christos Karmis, president and CEO of Mobilitie, commented: "We have the largest number of active projects in the company's history as we continue to densify and upgrade sites to support 5G deployment initiatives throughout the country. CIT has worked with us for years as we've expanded our infrastructure to support a wide range of telecommunications needs, working closely with large public venues, real estate owners, large enterprises, and wireless carriers to ensure their customers are better connected."
This is the third financing round that CIT has led in recent years on behalf of Mobilitie, which owns and operates a national portfolio of wireless communications infrastructure, including towers, distributed antenna systems and Wi-Fi networks.
"CIT is pleased to lead another round of financing to support Mobilitie's ongoing operations and development, particularly in this time when wireless networks are so critical," said Thomas Westdyk, managing director and group head for CIT's Technology, Media and Telecommunications business.
Proceeds will refinance existing debt and provide growth capital for Mobilitie's ongoing 5G network deployments and upgrades.
"We've appreciated CIT's expertise in arranging this financing, particularly at a time when the wireless industry is seeing high demand as millions of Americans are relying on mobile connectivity to work from home during the COVID-19 pandemic," concluded Mobilitie's Karmis. "Our team and the industry as a whole are working hard to stay ahead of the increased levels of data tonnage being carried by wireless networks today."