InSite Wireless Group, LLC Closes Sale of $177.5 Million in Secured Notes
Aug 27, 2013
InSite Wireless Group, LLC ("InSite"), owner, operator and manager of wireless communication tower site facilities and distributed antenna systems (DAS) across the United States, Puerto Rico, the U.S. Virgin Islands and Canada, today announced that it successfully completed the sale of $177.5 million InSite Wireless Group, LLC Secured Cellular Site 2013-1 Rev Notes on August 26, 2013. The notes are backed by mortgages representing approximately 72.7% of the annualized run rate (ARR) net cash flow (NCF) and guaranteed by the direct parent of the borrowers. The guarantees are secured by a pledge and first-priority-perfected security interest in 100% of the equity interest of the borrowers (which own or lease 512 cellular sites and own the rights to operate 16 DAS networks) and the direct parent, respectively.This securitization transaction will help finance the growth of InSite’s tower and DAS portfolio.
“We are excited to announce the completion of this securitization during 2013, and are very pleased with both the pricing and execution of this transaction,” said David E. Weisman, President and CEO of InSite. “It demonstrates the continued quality and strength of InSite’s wireless infrastructure business and assets, and we look forward to the opportunities for continued growth this funding will provide.”
Full press release on Business Wire.