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CST Attracts Additional Funds. Continues Growth Trend.
Wheaton, Illinois; January 15, 2008 - Central States Tower Holdings LLC (CST) announced today that it had secured a senior credit facility from CIT, a leading finance company based in New York City. The $15 million loan, along with a concurrent additional equity raise by Sweetwater Capital and Merchants Capital Partners, will support CST's aggressive growth plans as well as increase CST's ability to meet its customers' speed to market goals.
"We're excited to add CIT as a financial partner and are pleased to have gained their confidence in relative short order", noted CST's Chief Operational Officer, Brian Meier. "This funding, along with the additional raise by our equity backers, will put us well along the path of meeting our 2008 business objectives and continue to increase CST's competitive position in the tower marketplace."
About Central States Tower:
Based in Wheaton Illinois, Central States Tower was formed in Mid-2006 and focuses on developing wireless communications facilities for wireless carriers throughout the U.S. Founded by exectuves with extensive wireless industry experience, CST strives to make the process of collocating on its facilities as seemless as possible for its prospective tenants. CST headquarters is located at 323 S. Hale, Suite 100, Wheaton, Illinois 60187. www.centralstatestower.com, telephone 630-221-8500.
About CIT:
CIT Corporate Finance provides lending, leasing and other financial and advisory services and solutions to middle-market companies, including those in industries such as healthcare, energy, and communications, media and entertainment. CIT offers a uniquely broad suite of corporate financial solutions, from equipment financing, debt restructuring, and project financing to commercial real estate and M&A advisory services. CIT's Worldwide Headquarters is located at 505 Fifth Avenue, New York, NY 10017. telephone 212-771-0505
About Merchants Capital:
Merchants Capital Partners, LP is a New York based private equity fund. The principals have over 80 years of combined experience investing in and operating middle-market companies. They identify outstanding businesses, with strong management already in place, which require capital to achieve their goals. For more detailed information on Merchants Capital Partners, please refer to their web site at www.merchantscapitalpartners.com or call Jake Wesner at 212-972-2200.
About Sweetwater Capital:
Sweetwater Capital was formed in 2003 to provide early stage financing to wireless and communication companies. William Marraccini, Sweetwater’s Managing Director, was the former founder of AAT Communications Corp., which until its recent sale to SBA Communications, was the largest private tower company in the U.S. Mr. Marraccini is also a Managing Partner in Merchants Capital. Sweetwater Capital is located in Red Bank, New Jersey. For more information regarding Sweetwater Capital contact George O’Brien at 201-543-8466.