Vertical Bridge Completes Issuance of $72.2 Million of Revenue Notes for Broadcast Tower Portfolio

Fourth Successful Securitization Transaction in Last Three Years

BOCA RATON, Fla., Nov. 13, 2018

Vertical Bridge, the largest private owner and operator of communications infrastructure in the United States, today announced that it has successfully issued $72.2 million of secured tower revenue notes (the "Revenue Notes") in a private asset-backed securitization transaction.

The Revenue Notes are pari passu with Vertical Bridge's Series 2016-2 Notes, and were issued in three classes: a $30.3 million tranche, rated A+; a $10.1 million tranche, rated A-; and a $38 million tranche, rated BBB. The Revenue Notes were rated by Morningstar.

"This securitization will allow us to continue to meet the evolving needs of our customers across the communications spectrum," said Alex Gellman, CEO and Co-Founder of Vertical Bridge. "The broadcast towers included in this securitization have highly favorable characteristics such as their height and capacity. They are located in urban, suburban, key corridor and rural markets, and that makes them attractive to a variety of tenants."

The Revenue Notes are collateralized by current leases held by tenants on 407 broadcast sites across 45 states. They have a five-year anticipated repayment date with a 30-year final maturity.

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

This is Vertical Bridge's fourth successful securitization in less than two and a half years, and the second of 2018. In June 2016, the firm completed $321 million in commercial mortgage-backed securities financing to add flexibility to the firm's real estate portfolio expansion. In October 2016, the firm issued $196 million of secured tower revenue securities to support infrastructure investments. This past February, Vertical Bridge issued $236 million of secured tower revenue notes and also closed on a new $250 million senior credit facility.

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.

SOURCE Vertical Bridge

Related Links

http://www.verticalbridge.com

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