KBRA Assigns Preliminary Ratings to ExteNet Issuer, LLC Series 2019-1

NEW YORK–(BUSINESS WIRE)–Kroll Bond Rating Agency (KBRA) assigns preliminary ratings to four
classes of notes (together, the “Notes”) anticipated to be issued by
ExteNet Issuer LLC (the “Issuer”).


The transaction structure is a master trust and this deal represents the
Company’s first securitization. As of April 30, 2019 (“Cut-Off Date”),
the Original Asset Entities owned interests in 267 distributed network
systems (“DNS”), including 172 indoor DNS Networks and 95 outdoor DNS
with 22 tenants. The business of the Issuer, acting through the Asset
Entities, will be to own, manage and operate multi-carrier and
multi-technology DNS to mobile network operators and other commercial
enterprises in both outdoor and indoor spaces. The total portfolio has
annualized run rate revenue (“ARRR”) of approximately $58.6 million and
annualized run rate net cash flow (“ARRNCF”) of $42.6 million, which
includes ARRR and ARRNCF associated with DNS Sites that are designated
contracted and in construction. Excluding cash flow from sites that are
under construction, the respective ARRR and ARRNCF for active sites are
approximately $54.2 million and $39.2 million.


KBRA analyzed the transaction using KBRA’s Global
General Rating Methodology for Asset-Backed Securities, CMBS
Property Evaluation Methodology,
and Global
Structured Finance Counterparty Methodology.


Series and Class


 


 


 


Rating


 


 


 


Principal Balance (USD)


Series 2019-1, Class A-1


 


 


 


A- (sf)


 


 


 


$75,000,000


Series 2019-1, Class A-2


 


 


 


A- (sf)


 


 


 


$263,000,000


Series 2019-1, Class B


 


 


 


BBB- (sf)


 


 


 


$39,000,000


Series 2019-1, Class C


 


 


 


BB- (sf)


 


 


 


$66,000,000


To access ratings, reports and disclosures, click here.


Related Publications: (available at www.kbra.com)


ExteNet
Issuer, LLC Series 2019-1 Pre-Sale Report


ExteNet
Issuer, LLC Series 2019-1 Representations and Warranties


Global
General Rating Methodology for Asset-Backed Securities


CMBS
Property Evaluation Methodology


Global
Structured Finance Counterparty Methodology


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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. KBRA is also 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.


Contacts

Analytical Contacts:Xilun
Chen, Senior Director+1 (646) 731-2431xchen@kbra.com
Adam
DeJong, Associate+353 (1) 588-1270adejong@kbra.com
James
Chiavaro, Analyst+1 (646) 731-2383jchiavaro@kbra.com