KBRA Assigns Ratings to ExteNet Issuer, LLC, Series 2025-1 Senior Secured Notes and Takes Other Rating Actions

KBRA assigns ratings to the Series 2025-1 Class A-2 Notes, Class B Notes, and Class C Notes (the Series 2025-1 Notes) from ExteNet Issuer, LLC (the Issuer), a communications infrastructure securitization (CIS) that is primarily collateralized by distributed network systems (DNS) and related contracts.

The Series 2025-1 Notes represent the Issuer's third securitization. The transaction structure is a master trust, and as such, the indenture permits the issuance of additional classes and series of notes subject to certain conditions including rating agency confirmation. The proceeds from the sale of the Notes will primarily be used to fund certain expenses and accounts, and for general corporate purposes, including for distribution to ExteNet to repay a portion of the indebtedness under their existing credit facility. KBRA also affirms the ratings on the Issuer’s outstanding notes, the Series 2024-1 Notes.

The business of the asset entities listed in the Transaction Parties Section consists of owning, managing and operating multi-carrier and multi-technology DNS, which are licensed for use by mobile network operators and other commercial enterprises in both indoor and outdoor spaces, although the collateral as of the Series 2025-1 closing date will continue to only include outdoor spaces. The assets also include related antennas, fiber, other equipment, and the related distributed network system agreements (DNS Access Agreements) entered into with the relevant property owner, utility, or municipal authority to use locations where the equipment can be placed (DNS sites). The assets also include customer contracts between the Asset Entities and the customers (DNS Licenses) and rights to connect and utilize the equipment, including master customer contracts that cover multiple DNS sites. Each discrete collection of outdoor DNS Sites and related DNS Equipment within a specific geographic area under one or more DNS Licenses, and each collection of DNS Sites and related DNS Equipment contained on the same property is referred to as DNS Network. Together, the DNS Sites and DNS Networks along with related agreements are the DNS Assets.

To access ratings and relevant documents, click here.

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