Kelly Mellecker, P.C.

Digital Infrastructure Securitization

• Metronet, a provider of fiber optic telecommunications services and portfolio company of KKR, in its joint venture with T-Mobile, including the JV bridge backstop, permanent warehouse and $1 billion private placement ABS transaction in connection with the closing of the joint venture wholesale transaction, followed by multiple Rule 144A ABS transactions totaling over $3.5 billion and the issuance of variable funding notes.
• Switch, a portfolio company of DigitalBridge and IFM, in multiple Rule 144A ABS transactions totaling over $2.5 billion, including the largest green data center ABS transaction ever completed and the first transaction in the enterprise colocation space to achieve a senior sub-tranche with AAA ratings.
• FirstLight Fiber in its $1.14 billion inaugural fiber securitization, establishing a programmatic capital structure to support the company’s approximately 20,000 route-mile network and connectivity platform across six states.
• Point Broadband, a regional broadband provider backed by GTCR and Berkshire Partners, on its $725 million inaugural securitization of fiber and fixed wireless network assets and $402.7 million follow-on fiber securitization.
• Surf Internet, a provider of fiber optic telecommunication services, on its $407 million inaugural fiber ABS, consisting of a $332 million offering of secured fiber network revenue term notes and a $75 million variable funding note facility.
• Zentro, a provider of broadband for multifamily and commercial properties backed by M/C Partners, on its $240 million inaugural MDU ABS transaction.
• GiGstreem, a leading provider of broadband for multifamily and commercial properties backed by Crestline Investors, Inc., on a first-of-its-kind MDU ABS transaction in the 4(a)(2) market.
• Metro Communications in various transactions, including:
  
  • $322 million inaugural fiber ABS transaction—a private placement with delayed draw notes, distributed in the 4(a)(2) market
  • $399.2 million term note issuance and $60 million upsize of its variable funding note facility which increased the existing facility’s collateral pool by adding assets acquired from Clearwave Fiber LLC.
• A sponsor-backed MDU fiber company in its $152.8 million inaugural rated asset-backed securitization of network revenue, structured as a multi-class private placement with a delayed draw component.

Music, Entertainment and IP Royalty Transactions

• Seeker Music in its $267 million inaugural private music ABS transaction and $55 million delayed draw notes, backed by its catalogs from Joan Jett, Swizz Beatz, B.o.B and Shaboozy.
• Universal Music Group in its role as manager of Chord Music Partners’ $500 million issuance of asset-backed notes, secured by royalties from a catalog of more than 3,750 works from artists and songwriters including $uicideboy$, Morgan Wallen, Ryan Tedder, Diplo and Twenty One Pilots.
• An entertainment company on a $350 million cross-border structured credit facility secured by music rights, including musical compositions, master recordings and royalties.
• Virgin Music Group, the global independent division of Universal Music Group, on the $775 million acquisition of Downtown Music Holdings LLC.

Whole Business Securitization

• Authority Brands in its $461 million whole business securitization facility secured by franchise agreements, royalties and intellectual property across its portfolio of 12 national home services brands.
• Oncourse Home Solutions in a first-of-its-kind $1.655 billion whole business securitization of home infrastructure warranty assets, the largest inaugural non-quick-service restaurant WBS completed.

Infrastructure M&A and Investments

• Morgan Stanley Infrastructure Partners (MSIP) on its definitive agreement to acquire a co-control common equity stake in Flexential, a leading data center solutions provider, to accelerate Flexential’s growth and meet increasing demand for digital infrastructure.
• Blackstone in its CDN$7 billion acquisition of a minority stake in a subsidiary of Rogers Communications formed to own Rogers’ wireless backhaul network in Ontario and Alberta.
• EQT in its $4.25 billion acquisition of Crown Castle Inc.’s Small Cells Solutions business.
• An investor consortium comprised of AI Infrastructure Partnership, MGX and BlackRock’s Global Infrastructure Partners in its $40 billion acquisition of Aligned Data Centers, a provider of data center solutions, from Macquarie Asset Management.
• Cerberus Capital Management on the sale of Tenet Equity Partners, Inc., a privately held industrial net lease REIT, to a CBRE-led partnership for approximately $1.56 billion.

Structured Private Credit, Warehouse Facilities and Liability Management

• An internet and network services provider that builds and operates fiber optic and fixed wireless networks serving the wholesale and consumer markets, on a first-of-its-kind warehouse revolving credit facility where the facility’s bespoke use of proceeds permits borrowings to fund strategic acquisitions and to support letters of credit related to government award programs.
• A global fiber optic infrastructure provider in a comprehensive liability management exercise.
• A telecommunications infrastructure provider in a comprehensive liability management exercise.
• A major private equity investor in the monetization and rated financing of a healthcare joint venture transaction.