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GTP To Launch Cell Tower Securitization February 08, 2010


--Joy Wiltermuth
Global Tower Partners is issuing $250 million in five-year commercial mortgage backed securities. The deal is 80% backed by mortgages on 1,351 wireless communication towers, as well as equity pledges by the issuer, according to a presale report from Fitch Ratings.
The transaction, Global Tower Series 2010-1, has two tranches: $200 million of A-rated bonds and $50 million of BB- rated bonds, which are slated to price mid-week. The deal marks the first new cell tower ...

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