Daily News: February 22, 2018

TD Securities Arranges New $250MM Facility for Vertical Bridge


Vertical Bridge, a private owner and manager of communication infrastructure, closed a new $250 million senior credit facility with TD Securities as lead arranger and bookrunner.

The company used the funding to pay off its exsisting senior credit facility.

Concurrently, the company 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.

“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.

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.