SBA Depositor is marketing two CMBS under its tower trust series of deals.
The issuer will issue its Secured Tower Revenue Securities via Series 2010-1 and 2010-2. The Series 2010-1 has an anticipated maturity of five years, while the Series 2010-2 has an anticipated maturity of seven years. The two deals, which total $1.2 billion, each offer a single Class C tranche that have been rate 'A' respectively by Fitch Ratings.
The transaction is an issuance of notes backed by mortgages representing approximately 83% of the annualized run rate net cash flow (NCF). Both deals are backed by a loan guarantee made by the direct parent of the borrower, SBA Communications Corp.
Those guarantees are secured by a pledge and first priority perfected security interest in 100% of the equity interest of the borrower, which owns or leases 3,686 wireless communication sites, and of its direct parent, respectively.
Preliminary details on the two deals are available via the link below from the ASR Scorecard database.