Liberty Latin America reaches pact with PTI to monetize 1,300 mobile tower sites

Liberty Latin America announced it has reached an agreement with Phoenix Tower International, or PTI, to monetize approximately 1,300 mobile tower sites across Panama, Jamaica, The Bahamas, Puerto Rico, Barbados, and the British Virgin Islands. The transaction also provides advantageous arrangements to extend coverage with a further 500 sites being built by Liberty Latin America and PTI over the next five years. Inclusive of these commitments the total proceeds increase to $407M. Net proceeds are expected to be used to reduce debt and further invest in the company’s businesses. The terms of the transaction include long-term master lease agreements for each market for the company’s continued use of the telecommunications towers infrastructure following completion of the transaction. The closing of the transaction is subject to customary conditions and certain government approvals, and is expected to occur within three to six months.