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5/27/2020

CTI Towers CEO shares how CIT helps power company’s growth


With 1,100 towers now under its management, CTI Towers leases space to the wireless carriers as well as to broadcasters, utility companies, Internet service providers and governmental entities. 

“We lease steel. That’s the basis of what we do. We provide the infrastructure for the wireless carriers, primarily.” explains CEO Tony Peduto explains, adding, “You need to have a lot of capital to build towers.”

Peduto says its critical for his business to work with partners that know the space, and CIT both understands his business and has made investments in the industry.

“To have a banking partner like CIT that understands the business, has been in it, as well as stays on top of the technology — and sees what’s coming down the road and allows us to work with them to position ourselves for some changes down the road — is invaluable to us,” Peduto says.

And CIT goes beyond competitive rates to provide flexibility and solutions. That’s important to businesses like CTI Towers. 

“As things are changing, we want to try to be on the front side of that,” Peduto says.

CTI Towers continues to grow with funding solutions from CIT that are tailored to the company’s needs — like a $20 million debt facility with the potential to tap into an additional dollars once the initial amount was drawn.

“We’re now on our third upsize with CIT,” Peduto says, “and never once has it been anything more than a three-day conversation to say, ‘What do you need? Here’s the commitment. Now let’s paper it.’ … It’s a great partnership.” 

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