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.”
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