Vertical Bridge, a privately owned real estate investment trust that operaterates radio broadcast towers, is tapping the securitization market with bonds backed by approximately one third of its annual leasing revenue.

The deal, Secured Tower Revenue Notes, Series 2016-2, will issue two tranches of fixed-rate securities: $174.2 million of fixed-rate, class A bonds have a preliminary ‘BBB+’ rating from Kroll Bond Rating Agency; $21.8 million of class B bonds are rated ‘BBB-’. Both tranches have an anticipated repayment date of October 2021 and a final maturity of October 2046.

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