Delphos acted as the sole financial advisor to BTS Towers (“BTS”), a leading Latin American telecommunications tower operator, in obtaining $26 million in debt financing from the Overseas Private Investment Corporation (“OPIC”). BTS will use the loan to build over 500 cell towers in Ecuador and Peru. Through innovative deal structuring, BTS will borrow without the need to offer traditional project completion guarantees from its owners. The transaction achieved financial close in April 2019. This is the first loan that OPIC has closed in the telecom tower sector in Latin America.