The Secured Cellular Site Revenue Notes, Series 2017-1 Class A Notes, Series 2017-1 Class B Notes, and the Series 2017-1 Class C Notes issued by Diamond Issuer LLC represent Diamond Communications LLC’s (“Diamond”, the “Manager”, or the “Company”) first securitization. The transaction structure is a master trust, and as such, the indenture permits the issuance of additional classes and series of notes. The Issuer is an indirect wholly-owned subsidiary of Diamond Communication Holdings LLC.
On the Series 2017-1 Cut-Off Date, the Asset Entities owned interests in 490 Cellular Sites pursuant to 674 Tenant Leases. The Portfolio has annualized run rate revenue (“ARRR”) of approximately $19.1 million and annualized run rate net cash flow (“ARRNCF”) of approximately $15.9 million.
Diamond is one of the largest privately-owned tower and wireless infrastructure companies in the United States and it owns, manages and operates wireless communications infrastructure across the US, with a concentration in the Northeast, Mid-Atlantic and Ohio.
KBRA analyzed the transaction using the Global General Rating Methodology for Asset-Backed Securities published on November 28, 2017.
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.
|Notes||Preliminary Rating||Initial Principal Amount|
|Class A Notes||A (sf)||$118,400,000|
|Class B Notes||BBB (sf)||$12,600,000|
|Class C Notes||BB (sf)||$29,000,000|
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 Diamond Issuer LLC Representation and Warranties Disclosure.
Related Publications: (available at www.kbra.com)
- ABS: Diamond Issuer LLC Series 2017-1 Pre-Sale Report
- Global General Rating Methodology for Asset-Backed Securities
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