Vertical Bridge Completes $534 Million Asset-Backed Notes Issuance and $60 Million Maximum Outstanding Variable Funding Notes
06.10.20
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The Firm represented special-purpose subsidiaries of Vertical Bridge REIT, LLC (“Vertical Bridge”) in connection with a Rule 144A/Reg S offering of $534 million aggregate principal amount of Series 2020-1 Secured Tower Revenue Notes, and the placement of a maximum of $60 million outstanding principal amount of Series 2020-1 Secured Tower Revenue Variable Funding Notes (the first ever in a wireless tower transaction).
Vertical Bridge is the largest private owner and operator of wireless communications infrastructure in the United States and owns, operates and leases over 269,000 tower, rooftop, billboard, utility attachment and other site locations in support of wireless network deployments.
The Simpson Thacher team included John Schueller and Katherine Draper (Capital Markets); John Creed, Jonathan Cantor and Sarah Katz (Tax); Jeanne Annarumma (ERISA); Krista McManus and Dennis Loiacono (Real Estate); and Michael Isby and Timothy Mulvihill (Environmental).