GTP Acquisition Partners is offering the Class C and Class F notes of Secured Tower Revenue Notes, Series 2011-2. Moody’s Investors Service has assigned provisional ratings of 'A2 (sf)' to the $490 million Class C notes and 'Ba3 (sf)' to the $155 million Class F notes. The offering is backed by wireless towers.
According to a Moody’s presale report on the transaction, the rating firm does not anticipate a downgrade or withdrawal of its ratings on GTP's existing series of notes to result from this issuance.
Part of the proceeds from this deal will be used to make repayments for the previously issued $480.25 million Series 2007-1 notes. GTP also issued its $70 million Class C Series 2011-1. According to Moody's, the Class C offered notes will rank pari passu with the Class C series 2011-1 notes.
GTP Acquisition Partners is a subsidiary of U.S. wireless tower operator Global Tower Holdings, which is controlled by The Macquarie Group's affiliated funds.