Global Tower Partners (GTP) has a cell tower transaction in the CMBS market. This is an issuance of notes that are backed by mortgages representing no less than 80% of the annualized run rate net cash flow, according to a presale report by Fitch Ratings released.
The deal is called GTP Towers Issuer, LLC Secured Tower Revenue Notes, Global Tower Series 2010-1.
Fitch added that the notes are guaranteed by the direct parent of the borrower. The guarantees are secured by a pledge and first priority perfected security interest in 100% of the equity interest of the borrower.
GTP owns or leases 1,351 wireless communication sites, and of its direct parent, respectively. According to Fitch, both the direct and indirect parents of the borrower are special purpose entities, The loan proceeds will be used to retire the existing acquisition line of credit.