NEW YORK--(BUSINESS WIRE)--Kroll Bond Rating Agency (KBRA) assigns preliminary ratings to three classes of secured tenant site contract revenue notes, series 2018-1 (the “Notes”) issued by LMRK Issuer Co. III LLC (see ratings list below).
Proceeds from the sale of the Notes will be used to purchase 435 sites leased to 31 primary tenants through 545 tenant leases. The sites will consist of real property interests in the form of easements and assignments. The portfolio will have an aggregate annualized revenue of approximately $13.415 million calculated for the month of May 2018.
This transaction represents the second public securitization for Landmark Infrastructure Partners GP LLC (“Landmark”, the “Manager” or the “Company”). Landmark is a master limited partnership formed by Landmark Dividend LLC to acquire, own and manage a portfolio of real property interests that it leases to companies in the wireless communication, outdoor advertising and renewable power generation industries.
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.
KBRA analyzed the transaction using KBRA’s Global General Rating Methodology for Asset-Backed Securities published on November 28, 2017.
For complete details on the analysis, please see KBRA’s pre-sale report, LMRK Issuer Co. III LLC, Series 2018-1, published at www.kbra.com.
| Series and Class | Preliminary Rating | Principal Balance (USD) | ||||||
| Series 2018-1, Class C | A-(sf) | $95,530,000 | ||||||
| Series 2018-1, Class D | BBB-(sf) | $13,180,000 | ||||||
| Series 2018-1, Class F | BB-(sf) | $16,730,000 | ||||||
Representations & Warranties Disclosure
All Nationally Recognized Statistical Rating Organizations are required, pursuant to SEC Rule 17g-7, to provide a description of a transaction’s representations, warranties and enforcement mechanisms that are available to investors when issuing credit ratings. KBRA’s disclosure for this transaction can be found in the report available here.
Related Publications: (available at www.kbra.com)
- Global General Rating Methodology for Asset-Backed Securities
- LMRK Issuer Co. III LLC, Series 2018-1 Pre-Sale Report
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KBRA is a full service credit rating agency registered with the U.S. Securities and Exchange Commission as an NRSRO. In addition, KBRA is recognized by the National Association of Insurance Commissioners as a Credit Rating Provider and 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.
