Vertical Bridge Completes Issuance of $236 Million of Asset Backed Securities


Vertical Bridge announced that it has successfully issued $236 million of secured tower revenue notes. The offering was led by Barclays and Deutsche Bank and marks the third successful securitization in two years by Vertical Bridge. The company previously closed on two private asset-backed securitization transactions in June 2016 and in October 2016. The current revenue notes will rank pari passu by tranche with Vertical Bridge’s June 2016 revenue notes. The issuance is secured by over 2,500 sites, including almost 1,100 added to the trust in conjunction with this issuance.

Vertical Bridge also announced that it has paid off its existing Senior Credit Facility and entered into a new $250 million Senior Credit Facility with TD Securities as lead arranger and book runner.

“As our clients and partners prepare for 5G and navigate a fast-changing communications landscape, we continue to grow our reach and capabilities to support their needs,” said Alex Gellman, CEO and Co-Founder of Vertical Bridge. “This securitization has a strong credit profile with long term, contracted revenue and a diversified portfolio that speaks to the quality of our assets and the benefits we can offer tenants.”

The senior notes, which were sold at par, are comprised of three tranches: a $185 million tranche, rated A by Fitch and Kroll; a $13 million tranche, rated BBB by Fitch and Kroll; and a $38 million tranche, rated BB- by Fitch and BB by Kroll.

The securities have a five-year anticipated repayment date with a 30-year final maturity and carry a blended fixed interest rate of 3.778%. They are secured by mortgages on certain tower sites, first priority perfected security interest in the towers and tenant leases associated with the mortgaged sites, first priority perfected security interest in the personal property associated with all sites, and a pledge of the equity interest of each asset entity and issuer.

The $250 million Senior Credit Facility has a five-year term, maturing in February of 2023 and is secured by mortgages on certain tower sites and a security interest in the towers and related leases.

About Vertical Bridge Holdings, LLC

Vertical Bridge is the largest private owner and manager of communication towers and locations in the United States. The company owns, operates and manages over 61,000 tower, rooftop, billboard, utility attachment and other site locations in support of wireless network deployments. Based in Boca Raton, Florida, Vertical Bridge was founded in 2014 by key executives from Digital Bridge Holdings, LLC and former senior officers of Global Tower Partners. The senior management team at Vertical Bridge has over 150 years of collective experience in tower infrastructure and related sectors. For more information, please visit