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April
2007. (Richlands, Virginia). Pegasus Tower Development Company,
LLC, Richlands, Virginia based wireless tower development
entity, announced the closing of a new
$15 Million credit facility with National City Bank. This facility
was established to provide additional funding for the development
and acquisition of wireless communications sites throughout the
United States.
Pegasus
Tower Development Company was formed in 2006 with a $20 million
equity commitment through a joint venture arrangement, between Pegasus
Tower Company, LTD,
of
Richlands VA, and investment firms, Peppertree Capital Fund LP and
Primus Capital
Fund
V Limited Partnership, both of Cleveland, OH. Through such partnership,
Pegasus Tower Development Company already has over 40 wireless communications
sites under development or completed.
Jonathan
Simmons, CFO of Pegasus, noted “This credit facility will provide
additional
capital
for achieving our collective goal of aggregating a sizable tower
portfolio over the coming years. We are excited about our new relationship
with National City Bank and appreciate their confidence in our business
strategy.”
About
Primus Capital
Founded
in 1983, Primus is a private equity firm established to invest in
growth capital opportunities, recapitalizations and management-led
buyouts. Primus typically invests between $10 million and
$25 million per transaction targeting companies with proven
business
models and superior growth prospects. Although experienced
in a number of industries, Primus places an increased emphasis on
the business services, healthcare,
for-profit
education and communication sectors.
For
more information, visit www.primuscapital.com
About
Peppertree Capital
Peppertree
Capital is a private equity fund focused on later stage growth equity,
recapitalization and buyout opportunities in the media, telecommunications
and business services industries. Peppertree is based in Cleveland
and has an office in Dallas, TX. For more information, visit www.peppertreefund.com
About
Pegasus Tower Company, LTD
Pegasus
Tower is a privately held tower development company focused on the
third party management of sites as well as the development, operation,
and ownership of wireless communication sites throughout the United
States. Pegasus, founded in 1999, is based in Richlands, VA. The
Company is a leading wireless tower development company, now
having
developed over 90 sites, with many additional towers under development.
For more information, visit www.pegasustower.com
About
National City Bank
National
City Corporation (NYSE: NCC), headquartered in Cleveland, Ohio,
is one of the nation's largest financial holding companies. The
company operates through an extensive banking network primarily
in Ohio, Florida, Illinois, Indiana, Kentucky, Michigan, Missouri
and Pennsylvania, and also serves customers in selected markets
nationally. Its core businesses include commercial and retail banking,
mortgage financing and servicing,
consumer
finance and asset management.
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