SBA Communications, one of the largest wireless cell tower operators in the Western hemisphere, is tapping the securitization market for $760 million.

SBA Tower Trust Secured Tower Revenue Securities 2017-1 will issue seven tranches of notes rated A by Fitch Ratings and A2 by Moody's Investors Service that benefit from 7.6% credit enhancement. There is also a subordinate note rated BBB by Fitch with 0.82% credit enhancement and an unrated tranche that will be retained in order to comply with risk retention. The $40 million represent a 5% fair market value of the new 2017 notes, according to presale reports.

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