KBRA Assigns Preliminary Ratings to Wireless PropCo Funding LLC, Series 2025-1
27 May 2025 | New York
KBRA assigns preliminary ratings to the Series 2025-1 Class A-1-V Notes, Class A-2 Notes, Class B Notes, and Class C Notes (the Series 2025-1 Notes) from Wireless PropCo Funding LLC (the Issuer), a communications infrastructure securitization. Concurrently, the rating of A (sf) for the Series 2024-1 Class A Notes is being published. The rating was initially assigned on May 3, 2024, on an unpublished basis, and since that time has remained stable and has not changed. KBRA re-analyzed the prior series rated by KBRA in conjunction with the issuance of the Series 2025-1 Notes and anticipates affirming the rating on the outstanding series.
The Series 2025-1 Notes are being issued by Wireless PropCo Funding LLC (the Issuer) and represent Symphony Towers Infrastructure LLC’s (Symphony, the Company, or the Manager) second securitization. The transaction structure is a master trust, and as such, the indenture permits the issuance of additional classes and series of notes. The proceeds from the sale of the Notes are primarily being used to pay certain expenses of issuance, to fund the Liquidity Reserve Account, acquire the trust collateral and for general corporate purposes.
Symphony was established in 2019 initially under the name Symphony Wireless. In Q4 2024, Palistar Communications Infrastructure Fund II investments, including Wireless PropCo, CTI Towers, and Wireless TowerCo, consolidated into one of the largest private telecom infrastructure platforms in the United States, managed by Symphony Towers. Symphony manages the entirety of the securitized portfolio, and the Company has demonstrated consistent cash flow growth since inception. The trust collateral includes the long term and perpetual easements underlying macro wireless communications sites including towers, structures, rooftops and antenna sites (Cellular Sites). Symphony then enters lease agreements with mobile network operator/carrier (MNO) or tower companies who use the asset for the placement of telecommunications transmissions equipment, or in the case of tower operators, provides services to an MNO. As of March 31, 2025, the portfolio’s leases are primarily tenant lease contracts relating to 977 securitized Cellular Sites across all 50 states.
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