KBRA assigns its BBB+ final ratings to DFMG Holding GmbH’s EUR 500 million 4.875%, senior secured notes, due 2031 and EUR 500 million 5.250 %, senior secured notes, due 2033. The notes will be used to refinance the outstanding drawings under the TLA facility, fund distributions, and for general corporate purposes. KBRA also affirms the existing BBB Issuer and BBB+ Issuance ratings. The Outlook is Stable.
GD Towers Holding GmbH is a leading European tower company (towerco) that, through its wholly owned subsidiary DFMG Holding GmbH, owns and operates approximately 44,600 mobile sites in Germany and Austria. Its primary business activities include the acquisition, leasing, construction, maintenance, and management of passive network infrastructure for mobile communications.
This rating report is based on information regarding DFMG Holding GmbH and the terms of its issuance of senior secured notes as of 15 October 2026, including among other things, relevant project…
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