KBRA assigns its BBB+ preliminary ratings to DFMG Holding GmbH’s EUR [•] [•] %, senior secured notes, due 20[•] and EUR [•] [•] %, senior secured notes, due 20[•]. The notes will be used to refinance the outstanding drawings under the TLA facility, fund distributions, and for general corporate purposes. 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 1 September 2026, including among other things, relevant project documents, initial drafts of certain financing documents, and information relating…
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