Fairway Outdoor Advertising has a $257 million billboard, whole-business securitization deal in the works, according to Fitch Ratings.

Fitch will rate the deal that is backed by approximately 10,095 outdoor advertising sites with 19,956 billboard faces. None of the outdoor sites are secured by mortgages, the notes will primarily be secured by a perfected security interest in all of the issuer's right, title and interest in and to outdoor advertising sites and associated contracts as well as the related permits, licenses, ground leases and parcels of real estate on which the outdoor advertising structures are located, explained Fitch in its presale report on the deal.

Subscribe Now

Access to a full range of industry content, analysis and expert commentary.

30-Day Free Trial

No credit card required. Access coverage of the securitization marketplace, including breaking news updated throughout the day.