Fitch Ratings today released a presale on the $282 million Global Tower Partners (GTP) series 2012-1 and 2012-2.
Both series are backed by 1,177 cellular tower sites leased to 1,866 cellular tower tenants.
According to the presale, security for the notes includes mortgage liens on sites that comprise 98% of the annualized run rate net cash flow. The notes also have a pledge and first-priority perfected security interest in 100% of the issuer's and asset entities' equity interest. Addtionally, they are also guaranteed by GTP's direct parent.
The ownership interest in the cellular sites is made up of perpetual and long-term easements, prepaid leases, as well as fee interests in land, rooftops, or other structures where site space is allocated for tower and wireless communication equipment placement.
GTP acquired the portfolio in September 2011. Proceeds from the notes will be utilized to refinance existing debt related to this acquisition.
Boca Raton, Florida-based GTP is one of the leading providers of outsourced antenna site facilities to the U.S. wireless communications industry. GTP's business comprises the ownership, development, leasing and management of antenna sites on towers and commercial real estate rooftops. It also owns, manages, or master leases over 13,000 wireless sites. GTP's customers include wireless communications such as AT&T, Sprint-Nextel, and Verizon Wireless.