Vertical Bridge Holdco LLC

Vertical Bridge Cell Towers - TL

Industry
Telecoms and Communications/Cellular / mobile infrastructure
Area of finance
Project & Infrastructure Finance
Region
North America
Countries
United States

Deal Overview

Transaction consists of a $400 mm debt financing with Vertical Bridge, comprising of a $200 mm Delayed Draw Term Loan Facility (to be used for acquisition of new towers), a $200 mm Build to Suite facility (to build custom towers for new tenants) and a $25 mm RCF.This transaction is the 4th...

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Transaction consists of a $400 mm debt financing with Vertical Bridge, comprising of a $200 mm Delayed Draw Term Loan Facility (to be used for acquisition of new towers), a $200 mm Build to Suite facility (to build custom towers for new tenants) and a $25 mm RCF.

This transaction is the 4th refinancing of an existing bank loan facility, which the company uses as a warehouse to fund development and acquisition of towers. Once the company achieves a portfolio of sufficient scale, it refinances this debt via an ABS issuance. 

Vertical Bridge is a seasoned ABS issuer, and this transaction is expected to be taken out via an ABS. They have previously had two issuances, with the 5th one that closed in conjunction with this facility priced at 3.97%.

Significant growth potential with a future pipeline of 1,000 additional sites and skin in the game with a minimum 60% Loan to Value throughout the life of the facilities.

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Deal Volume
$425m
Financial Close
01 June 2020
Sources
Submitted by participant(s)

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Projects

Vertical Bridge Cell Towers

Brownfield
Cellular / mobile infrastructure
North America
United States
$425m