Crown Castle International is prepping a $1.9 billion private placement backed by cellular tower lease receivables via Morgan Stanley, the proceeds for which will be used to fund a tender offer for $1.4 billion in outstanding high-yield debt, the company announced last week. Should the transaction go as planned, Crown Castle will be the second issuer to securitize its tower lease revenues, following the pair of offerings Global Signal priced last year.

"There are so many transactions like this that can go down," said a buysider who predicts massive growth for securitization as a funding source for telecoms going forward. "This is going to be a huge market, or, it should be!"

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