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KBRA Assigns Preliminary Ratings to InSite Issuer LLC and InSite Co-Issuer Corp. Series 2018-1

November 28, 2018

NEW YORK--(BUSINESS WIRE)--Nov 28, 2018--Kroll Bond Rating Agency (KBRA) assigns preliminary ratings to three classes of notes (the “Notes”) issued InSite Issuer LLC and InSite Co-Issuer Corp.

The Secured Cellular Site Revenue Notes, Series 2018-1 Class A Notes, Series 2018-1 Class B Notes, and the Series 2018-1 Class C Notes (together, the “Series 2018-1 Notes”) anticipated to be issued by InSite Issuer LLC (the “Issuer”), and InSite Co-Issuer Corp. (together with the Issuer, the “Co-Issuers”) represent InSite Wireless Group, LLC’s (“InSite”, the “U.S. Manager”, the “Parent” or the “Company”) third issuance off their 2013 securitization. The Series 2018-1 Notes are being issued as an additional series of notes pursuant to the amended and restated indenture to be dated as of the closing date. The transaction structure is a master trust, and as such, the indenture permits the issuance of additional classes and series of notes.

In conjunction with the expected issuance of the Series 2018-1 Notes, KBRA anticipates affirming the ratings on the Co-Issuers’ outstanding Series 2016-1 Notes and withdrawing the ratings on the Issuers’ Series 2013-1 Notes to be paid in full at transaction close. The affirmation will reflect both the collateral performance, which is expected to be in line with the respective KBRA rating scenarios, and the expectation that the classes will continue to pass their respective rating level stresses with the addition of the Series 2018-1 Notes. The withdrawal will reflect the refinancing of the Series 2013-1 Notes with the proceeds of the Series 2018-1 Notes.

On the Series 2018-1 Cut-Off Date, the Asset Entities owned interests in 1,568 Cellular Sites pursuant to 3,299 Tenant Leases. The Portfolio has annualized run rate revenue (“ARRR”) of approximately $83.3 million and annualized run rate net cash flow (“ARRNCF”) of approximately $65.4 million.

InSite is a privately-owned tower and wireless infrastructure company that owns, manages and operates wireless communications infrastructure across the United States, Puerto Rico, the U.S. Virgin Islands, and Canada.

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. The preliminary ratings are based on information known to KBRA at the time of this publication. Information received subsequent to this release could result in the assignment of final ratings that differ from the preliminary ratings.

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About KBRA and KBRA Europe

KBRA is a full service credit rating agency registered with the U.S. Securities and Exchange Commission as an NRSRO. In addition, KBRA is designated as a designated rating organization by the Ontario Securities Commission for issuers of asset-backed securities to file a short form prospectus or shelf prospectus, is recognized by the National Association of Insurance Commissioners as a Credit Rating Provider, and is a certified Credit Rating Agency (CRA) by the European Securities and Markets Authority (ESMA). Kroll Bond Rating Agency Europe Limited is registered with ESMA as a CRA.

View source version on businesswire.com:https://www.businesswire.com/news/home/20181128005856/en/

CONTACT: Analytical:

Xilun Chen, Senior Director

(646) 731-2431

xchen@kbra.com

or

Caitlin Colvin, Senior Director

(646) 731-2465

ccolvin@kbra.com

or

Fred Perreten, Senior Director

(646) 731-2454

fperreten@kbra.com

or

Michael Lepri, Associate Director

(646) 731-3389

mlepri@kbra.com

KEYWORD: UNITED STATES NORTH AMERICA NEW YORK

INDUSTRY KEYWORD: PROFESSIONAL SERVICES FINANCE INSURANCE

SOURCE: Kroll Bond Rating Agency

Copyright Business Wire 2018.

PUB: 11/28/2018 06:26 PM/DISC: 11/28/2018 06:26 PM

http://www.businesswire.com/news/home/20181128005856/en

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