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FOR IMMEDIATE RELEASE
Contact: Jane Salter, 561.995.0320
Global Tower Partners Announces Pricing of Securitization
Financing Provides GTP with Long Term Financing
Boca Raton, Florida - Global Tower Partners (the "Company") announced today that it has priced, in a private transaction, $480 million of Mortgage-Backed Notes, Global Tower Series 2007-1 (the "Notes"). The Notes will be backed by special purpose subsidiaries of the Company that will be secured primarily by mortgages on their interests in 2,074 wireless communications towers and the related tower sites. The weighted average interest rate on the various classes of Notes is approximately 6.11%, and all of the Notes have an expected life of approximately five years and a final maturity of May 2037. The Company expects the offering to close on May 25 2007.
The Company expects to use the net proceeds from this offering to repay certain outstanding indebtedness of the Company and for general corporate purposes.
Global Tower Partners is the 4th largest independent owner and operator of wireless communications sites in the U.S. with a portfolio of approximately 2,200 owned towers and over 8,000 available collocation sites. For more information about Global Tower Partners please visit http://www.gtpsites.com.
This press release is not an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of the Notes in any jurisdiction in which any such offer, solicitation, or sale would be unlawful prior to the registration or qualification under the securities laws of any such jurisdiction. The Notes have not been registered under the Securities Act of 1933, as amended, or any state securities laws, and are being offered only to qualified institutional buyers in reliance on Rule 144A under the Securities Act, to institutional accredited investors and to non-U.S. persons in offshore transactions in reliance on Regulation S under the Securities Act. Unless so registered, the Notes may not be offered or sold in the United States or to U.S. persons except pursuant to an exemption from the registration requirements of the Securities Act and applicable state securities laws.
Cautionary Language Concerning Forward-Looking Statements
This press release contains "forward-looking statements" concerning the proposed offering that are based on management's current expectations and assumptions and that are not based on historical facts. Examples of these statements include, but are not limited to, statements regarding the Company's expectations of the dollar amount to be raised in the proposed offering, the Company's ability to complete the proposed offering and the timing of the closing of the offering, and the Company's expectations for the use of proceeds from the proposed offering. These forward-looking statements involve a number of risks and uncertainties. Among the important factors that could cause actual results to differ materially from those indicated in such forward-looking statements include uncertainties relating to market conditions for mortgage-backed securities generally, for securities backed by mortgages on communications towers, and for these securities in particular. We undertake no obligation to update the information contained in this press release to reflect subsequently occurring events or circumstances.
About Global Tower Partners
Global Tower Partners (http://www.gtpsites.com), based in Boca Raton, Florida, is one of the leading providers of outsourced antennae site facilities to the wireless communications industry in the United States. GTP's business includes the ownership, development, leasing and management of antennae sites on towers and commercial real estate rooftops. GTP owns or master leases more than 8,000 sites, including 2,200 owned towers throughout the United States. GTP's customers are leading wireless communications providers including Sprint-Nextel, AT&T Wireless, T-Mobile, Verizon Wireless, US Cellular, Metro PCS, Leap Wireless, Centennial Wireless, Dobson Communications & ALLTEL Communications.
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