TowerPoint inaugural $386 million securitization

Davis Polk advised TowerPoint Infrastructure Partners and its affiliates on its inaugural $386 million Rule 144A / Regulation S securitization of wireless infrastructure assets. The offering consisted of $278 million of 5.198% Series 2026-1 Class A-2 term notes and $83 million of 5.882% Series 2026-1 Class B term notes. The notes are secured by a portfolio of wireless infrastructure assets located throughout the United States and managed by TowerPoint Capital, LLC.In connection with the securitization, TowerPoint also entered into a $25 million variable funding note purchase agreement, under which, subject to satisfaction of certain conditions, the issuer may request an increase of up to $25 million in Series 2026-1 Class A-1-V variable funding notes.

TowerPoint Capital is a telecommunications infrastructure and real estate investment company operating throughout North America and is one of the telecommunications industry’s longest-standing cell tower lease acquisition platforms.TowerPoint Infrastructure Partners is a digital infrastructure platform focused on the acquisition, development and management of mission-critical telecommunications infrastructure and wireless real estate assets across high-growth U.S. markets.

The Davis Polk team included partners Brian D. Hirsch and Ryan D. McNaughton and associates Jeffrey J. Saavedra, Edward Peck, Dominic (Neha) Sharma, Aaron Kirchner-Loeser, Holly Paige Constants and Amanda Cohen. The tax team included partner Lucy W. Farr. Partner Eric McLaughlin provided Volcker Rule advice. Members of the Davis Polk team are based in the New York and Washington DC offices.