NEW YORK–(BUSINESS WIRE)–Kroll Bond Rating Agency (KBRA) assigns preliminary ratings to three
classes of Secured Cellular Site Revenue Notes, Series 2019-1
(the “Notes”) issued by MelTel Land
Funding LLC (see ratings list below).
The Notes anticipated to be issued by MelTel Land Funding LLC (the
“Issuer”) will be managed by Melody Wireless Infrastructure Inc. As of
the closing date, the Original Asset Entity (a wholly-owned subsidiary
of the Issuer) is expected to hold assets that consist primarily of
1,232 Cellular Sites in the United States with an Annualized Ground
Lease Net Cash Flow of approximately $36.4 million calculated as of
December 2018. The business of the Original Asset Entity primarily
consists of acquiring, owning and managing ownership and leasehold
interests in real property which underlie wireless communications
towers, antennae, platforms or other equipment (each, a “Cellular Site”).
The transaction will benefit from sufficient credit support, along with
a dynamic transaction structure that accelerates principal payments to
the noteholders upon the weakening of collateral performance. Such
structural features include cash trap conditions, servicer termination
events and reserve accounts.
KBRA analyzed the transaction using KBRA’s Global
General Rating Methodology for Asset-Backed Securities published
on November 28, 2017.
|Series and Class||Preliminary Rating||Principal Balance (USD)|
|Series 2019-1 Class A||A (sf)||$237,700,000|
|Series 2019-1 Class B||BBB (sf)||$54,800,000|
|Series 2019-1 Class C||BB (sf)||$27,500,000|
To access ratings, reports and disclosures, click here.
Related Publications: (available at www.kbra.com)
General Rating Methodology for Asset-Backed Securities
Land Funding LLC, Series 2019-1 Pre-Sale Report
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Xilun Chen, CFA, Senior Director
Fred Perreten, Senior Director
Shi Shen, CFA, Associate
Lenny Giltman, Senior Managing Director