Vertical Bridge, a cell tower operator founded by former executives of Global Tower Partners, is making its first call on the securitization market.

The deal, dubbed VB-S1 Issuer, Series 2016-1, will issue three classes of fixed-rate notes totaling $321 million with a bullet maturity of June 2021; until that date, they will pay only interest. The senior tranche, which benefits from 25.2% credit enhancement, is rated ‘A’ by Fitch Ratings and ‘A2’ by Moody’s Investors Service.

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