Fourth Successful Securitization Transaction in Last Three Years
BOCA RATON, Fla., Nov. 13, 2018 /PRNewswire/ — Vertical Bridge, the largest private owner and operator of communications infrastructure in the United States, today announced that it has successfully issued $72.2 million of secured tower revenue notes (the “Revenue Notes”) in a private asset-backed securitization transaction.
The Revenue Notes are pari passu with Vertical Bridge’s Series 2016-2 Notes, and were issued in three classes: a $30.3 million tranche, rated A+; a $10.1 million tranche, rated A-; and a $38 million tranche, rated BBB. The Revenue Notes were rated by Morningstar.
“This securitization will allow us to continue to meet the evolving needs of our customers across the communications spectrum,” said Alex Gellman, CEO and Co-Founder of Vertical Bridge. “The broadcast towers included in this securitization have highly favorable characteristics such as their height and capacity. They are located in urban, suburban, key corridor and rural markets, and that makes them attractive to a variety of tenants.”
The Revenue Notes are collateralized by current leases held by tenants on 407 broadcast sites across 45 states. They have a five-year anticipated repayment date with a 30-year final maturity.
Guggenheim Securities served as Structuring Agent and Bookrunning Manager for the offering.
This is Vertical Bridge’s fourth successful securitization in less than two and a half years, and the second of 2018. In June 2016, the firm completed $321 million in commercial mortgage-backed securities financing to add flexibility to the firm’s real estate portfolio expansion. In October 2016, the firm issued $196 million of secured tower revenue securities to support infrastructure investments. This past February, Vertical Bridge issued $236 million of secured tower revenue notes and also closed on a new $250 million senior credit facility.
About Vertical Bridge
Vertical Bridge is the largest private owner and operator of communications towers and locations in the United States. The company owns, operates and master leases over 134,000 tower, rooftop, billboard, utility attachment and other site locations in support of wireless network deployments. Based in Boca Raton, Florida, Vertical Bridge was founded in 2014 by key executives from Digital Bridge Holdings, LLC and former senior officers of Global Tower Partners. The senior management team at Vertical Bridge has over 200 years of collective experience in tower infrastructure and related sectors. For more information, please visit www.verticalbridge.com.