February 2025
Deutsche Bank supports SBA Tower Trust’s US$1.45bn securitisation
SBA Communications Corporation has completed a US$1.45bn term securitisation. Deutsche Bank provided indenture trustee services to facilitate SBA Tower Trust’s US$1.45bn in Secured Tower Revenue Securities, series 2024-1, subclass 2024-1C.
The notes are secured by a pool of 9,523 wireless communications sites and guaranteed by the direct parent of the borrower issuer. The guarantee is secured by a pledge and first priority perfected security interest in 100% of the equity interest of the borrowers.1 Cashflows come from lease contracts with the three largest wireless carriers, T-Mobile USA, AT&T Corp., and Verizon Communications, accounting for 92% of the portfolio's annualised run-rate revenue.2
The deal, which was completed in October 2024, is SBA Communications’ first securitisation in two years – following the SBA Tower Trust, Secured Tower Revenue Securities, 2022-1 deal, which closed in November 2022.3
“We value the long-standing relationship with Deutsche Bank, having entrusted them for more than 15 years”
Brian Studdert, Head of Trust & Agency Services, Americas, Deutsche Bank, commented, “We are pleased that SBA Communications has selected Deutsche Bank to provide a full suite of trust and agency services to support this noteworthy transaction.”
“We value the long-standing relationship with Deutsche Bank, having entrusted them for over 15 years. The securitisation market is our largest source of debt financing, and we value the support, services and guidance offered by Brian and his team,” said Louis Friend, Vice President, Corporate Finance & Capital Markets at SBA Communications.
About SBA Communications Corporation
SBA Communications Corporation (SBA) owns and operates wireless communications infrastructure, including towers, buildings, rooftops, distributed antenna systems (DAS) and small cells. Founded in 1989 and headquartered in Boca Raton, Florida, SBA has operations and offices throughout the Americas and in Africa. SBA is listed on NASDAQ under the symbol SBAC and is part of the S&P 500.
For more information about SBA, please visit SBA Communications Corporation - Investor Relations