Symphony Wireless Announces Inaugural Securitization of U.S. Wireless Easements Assets

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May 29, 2024, 09:00 ET

NEW YORK, May 29, 2024 /PRNewswire/ -- Symphony Wireless, LLC ("Symphony Wireless" or the "Company"), the dedicated cell site acquisition affiliate of Palistar Capital LP ("Palistar"), and the exclusive manager of Palistar's portfolio of wireless easements assets throughout the U.S. (the "Easements Portfolio"), today announced a new $200 million securitization of Palistar's Easements Portfolio. The Company and Palistar partnered with one of the largest insurance providers in the United States to complete the privately-rated, investment grade financing. Proceeds from the financing will be used to fund the acquisition of additional assets, distributions to investors and other general corporate purposes.

Omar Jaffrey, Founder and Managing Partner of Palistar and Founder and Chairman of Symphony Wireless, stated: "We are proud of the Symphony Wireless team and the continued growth of the business as it has become the leading acquirer of wireless easements in the United States. This investment grade financing reflects both the quality of our team and the outstanding strength of our portfolio's asset base. The growth of our long-term capital base supports our ongoing expansion and acquisition efforts, and furthers our broader commitment to investing in high-quality digital infrastructure assets."

Bernard Borghei, Chief Executive Officer of Symphony Wireless, said, "As the largest acquirer of wireless easements in the United States, and the provider of the most competitive offers and most reliable execution in the market, this inaugural securitization represents an important milestone. We are committed to delivering value to cell site owners, wireless carriers, tower companies and our long-term investors, and are grateful to all of our partners in this transaction for their support in furthering this goal."

Morgan Stanley acted as Sole Structuring Agent and Lead Placement Agent and Guggenheim Securities, LLC acted as Joint Lead Placement Agent. Legal counsel to the Company and Palistar was provided by Paul, Weiss, Rifkind, Wharton & Garrison LLP.

About Symphony Wireless

Symphony Wireless, an affiliate of Palistar Capital LP, acquires, manages, and leases digital infrastructure assets such as tower, rooftop and non-traditional structure cell sites in metro, urban and suburban environments throughout the United States. Symphony Wireless seeks to provide strategic revenue to sellers while optimizing administration and lease management. For more information on Symphony Wireless, please visit www.symphonywireless.com.

About Palistar Capital

Palistar Capital LP ("Palistar" or the "Firm") is an alternative asset manager led by Managing Partner and Founder, Omar Jaffrey, focused on digital infrastructure investments. The Firm seeks to invest through direct asset ownership as well as by developing innovative financing solutions to complex problems for leading global digital infrastructure related companies. To learn more about Palistar, visit www.palistar.com.

Media Contacts

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SOURCE Symphony Wireless