The transaction, American Tower Trust I’s Secured Tower Revenue Securities, Series 2013-1A and 2013-2A, will be issued pursuant to a 2007 trust agreement. Proceeds will be used for general corporate purposes and to refinance the $1.75 series 2007-1 deal as well as pay fees and taxes associated with it.
Fitch has assigned its top expected rating of AAAsf to both series with a stable outlook, citing low leverage in the transaction and “exceptionally strong tenant collateral, portfolio, sponsorship and transaction attributes.”
Seller representations and warranties will be “from an investment-grade-rated entity,” according to Fitch.
Notes in the deal are backed by mortgages representing more than 86% of the annualized run rate net cash flow and are guaranteed by the direct corporate parent of the borrowers.
Guarantees are secured by a pledge and first-priority-perfected security interest in 100% of the equity interests of the borrowers as well as their corporate parent, American Tower Corp., which more than 54,000 towers across the United States and in several other countries.