BOCA RATON, FL – July 22, 2011 – (RealEstateRama) — Global Tower Partners (“GTP”) announced today that it closed its $645,000,000 Secured Tower Revenue Notes Global Tower Series 2011-2 on July 7, 2011. The Company issued $490,000,000 Series C Notes (rated A2(sf)/A(sf) by Moody’s and Fitch respectively) and $155,000,000 Series F notes (rated Ba3(sf)/BB-(sf) by Moody’s and Fitch respectively). The notes have a blended coupon of 5.135 percent with a 30-year legal maturity.
The transaction was underwritten by Morgan Stanley and Deutsche Bank Securities, with co-managers Bank of America, Merrill Lynch, RBC Capital Markets, and TD Securities. The Company used a portion of the proceeds to repay its existing 2007-1 Notes. The residual proceeds will provide the Company with incremental capital to fund its future business plan activities.
“This is GTP’s fourth securitization, and enables us to further reduce our funding costs on attractive, long-dated terms,” said Marc Ganzi, GTP’s Chief Executive Officer. “The success of our 2011-2 securitization reflects the strength and depth of GTP’s assets and the mission-critical nature of our sites to the broader wireless ecosystem.”
Global Tower Partners is the fourth largest independent owner and operator of wireless communications sites in the United States with a portfolio of more than 13,000 sites available for collocation.
Cautionary Language Concerning Forward-Looking Statements
This press release contains “forward-looking statements” that are based on management’s current expectations and assumptions, and that are not based on historical facts. Examples of these statements include, but are not limited to, the Company’s expectations for the use of proceeds from the proposed offering. These forward-looking statements involve a number of risks and uncertainties. Among the important factors that could cause actual results to differ materially from those indicated in such forward-looking statements include uncertainties relating to market conditions for mortgage-backed securities generally, for securities backed by mortgages on communications towers, and for these securities in particular. We undertake no obligation to update the information contained in this press release to reflect subsequently occurring events or circumstances.
About Global Tower Partners
Global Tower Partners (www.gtpsites.com), based in Boca Raton, Florida, is one of the leading providers of outsourced antenna site facilities to the wireless communications industry in the United States. GTP’s business includes the ownership, development, leasing and management of antenna sites on towers and commercial real estate rooftops. GTP owns, manages or master leases more than 13,000 wireless sites. GTP’s customers are leading wireless communications providers including AT&T, Sprint-Nextel, Verizon Wireless, T-Mobile USA, Leap Wireless, Clearwire, US Cellular and Metro PCS.