Global Tower Partners is readying a $245 million securitization of cell towers, according to a presale report from Fitch Ratings.
The deal, GTP Acquisition Partners I, consists of $190 million of notes with a preliminary ‘A’ rating from Fitch and $55 million of notes with a preliminary ‘BB’ rating. Both tranches have an expected repayment date of May 2018.
The notes will be issued from the same trust as two series of notes totaling $715 million that were issued in 2011. This trust currently has 2,903 towers, representing approximately 54% of GTP’s total cell tower cash flow. However, the company is contributing 437 new sites to the trust, the majority of which it constructed or acquired via small acquisitions.
At closing, proceeds from the latest deal will be used for general corporate purposes.
In addition to the 2011 securitization, GTP issued $250 million of notes in 2010 transaction that is secured by by 1,352 wireless sites. The 2011-1, 2011-2, and 2013-1 securitizations have no cross-default provisions with the 2010-1 transaction or any other corporate debt.