It's a busy week for financing news in the tower and backhaul sectors: Just a month after announcing it would acquire distributed antenna systems company NextG Networks, Crown Castle International Corp. reportedly is looking to obtain about $3.1 billion in credit financing to help with the deal, as well as refinance some of its debt.
BusinessWeek reported the news, attributed to an unnamed source. It further reported that Bank of America and Royal Bank of Scotland are arranging the financing, which Crown Castle will use to pay back an existing revolving credit facility with $251 million outstanding, and an existing term loan due March 2014 amounting to $619 million, as well as pay for the NextG acquisition
Tower companies such as Crown Castle have been in line to gain from ongoing LTE deployments, but some of the delays in LTE upgrades over the last year, having to do with the now-abandoned AT&T-T-Mobile deal and Sprint's own LTE delays, may have slowed the expected windfall from such projects.
Meanwhile, LTE deployments also probably are much on the mind of Bridgewave Communications, one of the rising names in wireless backhaul. The company this week announced it has raised another $10.3 million in funding from Intel Capital, Morgan Creek Capital Management and others.
Bridgwave said the money will help it boost production on its microwave and millimeter wave backhaul systems this year as LTE deployments begin to ramp up.
Crown Castle announced the NextG acquisition last month
Bridgewave expanded into microwave backhaul in 2010