First time issuer SBA Communications Corp. has a $405 million securitization in the market, led by Lehman Brothers, which is expected to close by the end of the week. The deal, though backed by leases on wireless communications towers, has a CMBS-like structure and is issued out of the SBA CMBS-1 Depositor LLC trust.

The senior/subordinated deal is structured into five tranches, the largest being the $238 million A class, which Moody's Investors Service plans to rate Aaa'. The remaining subordinated tranches, each $48 million in size, will likely be rated Aa2', A2' and Baa2', respectively. Additionally a $21 million tranche will likely be rated Baa3'. The deal is expected to settle Friday.

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