Wireless Capital Partners (WCP) plans to issue $150 million of notes backed by lease payments from wireless carriers.

Fitch Ratings assigned preliminary ratings to the deal. According to the presale report, the deal will offer investors $95 million of ‘A’-rated, class 1-A notes and $31 million of ‘BB-’ –rated class 1B notes.

Deutsche Bank is lead manager on the deal.

The securitized pool includes 556 wireless site contracts. Telephony tenants represent 91.1% of the leases on the wireless sites; AT&T is the second largest tenant representing 21.3% of the annualized revenue, according to the presale.

Approximately 25% of the proceeds generated from the deal will be used to acquire additional wireless sites at the deal’s closing.

The structure is also offering a total of $24 million of unrated, class 2A and 2B notes. These notes will be rated in the future and funds will be used to acquire additional wireless site assets.

 

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