By Lisa Kerner
Charlotte, N.C., Nov. 10 - Wireless Capital Partners, LLC closed a private placement of $327 million of five-year senior secured wireless site contract revenue notes, series 2010-1.
The notes will be issued by some Wireless Capital indirect subsidiaries, according to a company news release.
Wireless Capital said the offered notes consist of three classes, all priced at par with a weighted average coupon of 5.374% and an expected maturity of five years:
• $222 million of class A notes with a 4.141% coupon;
• $55 million of class B notes with a 6.829% coupon; and
• $50 million of class C notes with a 9.247% coupon.
The final maturity of the notes is November 2040.
Deutsche Bank Securities Inc. was the structuring adviser and bookrunning manager.
Proceeds will be used to repay in full existing credit facilities and for general corporate purposes.
"As a result of this transaction the company has significant cash on the balance sheet and a substantial line of credit for the acquisition of additional assets," chief executive officer and founding member Brad Knyal said in the release.
Wireless Capital Partners is a Los Angeles-based financial services company specializing in cellular real estate.
| Issuer: | Wireless Capital Partners, LLC
|
| Issue: | Senior secured wireless site contract revenue notes, series 2010-1
|
| Amount: | $327 million
|
| Maturity: | Expected to be five years
|
| Final maturity: | November 2040
|
| Bookrunner: | Deutsche Bank Securities Inc.
|
| Distribution: | Private placement
|
|
|
| Class A
|
| Amount: | $222 million
|
| Coupon: | 4.141%
|
|
|
| Class B
|
| Amount: | $55 million
|
| Coupon: | 6.829%
|
|
|
| Class C
|
| Amount: | $50 million
|
| Coupon: | 9.247%
|
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