Harmoni Towers Closes Oversubscribed $620M Private Placement
Harmoni Towers, a U.S. owner and operator of wireless communications infrastructure and wholly owned operating company of Palistar Capital LP, an alternative asset manager focused on mission-critical communications and digital infrastructure, announced the successful completion of its inaugural $620 million 4(a)(2) private placement financing.
The transaction, which was approximately three times oversubscribed, represents the largest project finance cell tower bond issuance in the U.S. to date, according to the company.
The notes are backed by over 1,700 high-quality macro tower sites underpinned by master lease agreements with major U.S. wireless carriers. The notes were rated as investment grade and were priced at 150 basis points spread above Treasuries.
“This transaction provides us with financial flexibility to support continued build-to-suit expansion with our carrier partners,” said Jack Barry, CFO of Harmoni Towers. “It’s a testament to the discipline and operational excellence of the Harmoni team.”
TD Securities served as sole structuring agent and lead ratings advisor, and TD Securities and Goldman Sachs served as joint lead placement agents.