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Cases & Deals

March 30, 2018

King & Spalding Advises on Major Telecom Securitization Transaction

NEW YORK, March 30, 2018 — King & Spalding represented a major international investment bank as the sole structuring advisor and as the representative of the initial purchasers in the purchase of $500 million of Series 2018-1-Secured Tower Revenue Securities, Subclass A issued by American Tower Trust I.  The privately-placed notes are collateralized by a loan to two special-purpose subsidiaries that is secured primarily by mortgages on their interests in over 5,000 communications sites.

The King & Spalding team for this transaction was led by specialty finance partner Michael Urschel and included associates Jennifer Tian, Charlene Yin, Eugene Pevzner and senior attorney Bert Eidson, with assistance from partner Jeff Misher and counsel Anthony Mechcatie.  Aditionally, Sarah Borders (Bankruptcy), Laura Westfall (ERISA), John Taylor (Tax), Les Oakes (Environmental Matters) and Joseph Quinn (Real Estate) participated in the transaction.

This transaction is the latest in a number of ground lease, data and telecom securitization transactions for King & Spalding.  In November of 2017, the firm represented two major financial services companies in the purchase of securitized notes collateralized by sites leased to companies in the outdoor advertising industry, and in December of 2017 the firm represented Diamond Issuer LLC in connection with the issuance of its Series 2017-1 Notes, issued in three tranches secured by various wireless communications sites.  The firm also recently represented two major international investment banks in the structuring and purchase of securitized variable funding notes collateralized by a portfolio of data centers.

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