Vertical Bridge Completes Issuance of $196 Million Secured Tower Revenue Securities

BOCA RATON, FL (PRWEB) October 19, 2016

Vertical Bridge, the largest private owner and manager of wireless communication infrastructure in the U.S., today announced the closing of $196 million initial principal amount of Series 2016-2 Secured Tower Revenue Notes (the “Notes”) in a private asset-backed securitization transaction.

The Notes were issued by Vertical Bridge CC, LLC (the "Issuer"), and were issued in two classes consisting of $174.2 million initial principal amount of Class A Notes and $21.8 million initial principal amount of Class B Notes. The Notes were priced with an annual yield to expected maturity of 5.25% for the Class A Notes and 7.00% for the Class B Notes. The Notes were rated at the closing by both Morningstar and Kroll. The Notes have an anticipated repayment date of October 2021 and final legal maturity of October 2046.

“This issuance is Vertical Bridge’s second securitization in 2016 and reflects the high quality of the radio broadcast towers we have acquired and the long term stability of cash flows resulting from the mission critical role that tower infrastructure plays in the delivery of media and communications. Together with our founding investors, Digital Bridge, we have been accessing the securitization market for nearly a decade and we anticipate regular ongoing issuances to support the continued growth of our communications infrastructure investments," said Alex Gellman, CEO and Co-Founder of Vertical Bridge.

The Securities are collateralized by tenant lease payments on a geographically diverse portfolio of 407 radio broadcast tower sites. The proceeds of this offering will be used to fully repay the existing credit facility on these tower sites.

Guggenheim Securities served as Structuring Agent and Bookrunning Manager for the offering.

The Notes were not and will not be registered under the Securities Act of 1933, as amended (the "Securities Act"), or any state securities laws, and may not be offered or sold in the United States absent registration or an applicable exemption from, or a transaction not subject to, the registration requirements of the Securities Act and applicable state securities laws. The Notes were offered only to (i) qualified institutional buyers under Rule 144A under the Securities Act, (ii) institutional investors that qualify as “accredited investors” within the meaning of Rule 501(a)(1), (2), (3) or (7) of Regulation D under the Securities Act, and (iii) to persons outside the United States pursuant to Regulation S under the Securities Act.

This press release is not an offer to sell, nor a solicitation of an offer to buy, any Notes, nor shall there be any sale of the Notes in any state or jurisdiction in which the offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of such state or jurisdiction.

About Vertical Bridge

Vertical Bridge REIT, LLC is the largest private owner and operator of communications infrastructure and locations in the United States, with a portfolio of more than 500,000 sites, including over 11,000 owned and master-leased towers and the nation’s largest and tallest collection of broadcast tower sites. The Company’s portfolio spreads across all 50 states and Puerto Rico and is comprised of towers, rooftops, billboards, utility attachments, convenience stores and other locations in support of wireless network deployments. In addition to colocation, Vertical Bridge offers build-to-suit, edge data centers and in-building wireless network solutions.

Based in Boca Raton, Florida, Vertical Bridge was founded in 2014 and is led by a senior management team with over 400 years of collective experience in tower infrastructure and related sectors. Vertical Bridge became the first tower company in the world to achieve the CarbonNeutral® company certified status in 2020 and has been recertified every year since. For more information, please visit www.verticalbridge.com.

Contacts:
Vertical Bridge
Erica Robertson
(561) 406-4032
ERobertson(at)VerticalBridge.com

Erica Robertson, Vertical Bridge, http://www.VerticalBridge.com, +1 (561) 406-4032, erobertson@verticalbridge.com

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