ExteNet Systems’ $443 Million Secured Distributed Network Revenue Notes Offering


Simpson Thacher represented special-purpose subsidiaries of ExteNet Systems, Inc. (“ExteNet Systems”) in connection with its offering.

The ExteNet Systems, Inc. offering consisted of $433 million aggregate principal amount of Series 2019-1 Secured Distributed Network Revenue Notes, consisting of up to $75 million aggregate principal amount of Series 2019-1 Class A-1 Secured Distributed Network Revenue Variable Funding Notes and $263 million aggregate principal amount of Series 2019-1 Class A-2 Secured Distributed Network Revenue Term Notes, $39 million aggregate principal amount of Series 2019-1 Class B Secured Distributed Network Revenue Term Notes and $66 million aggregate principal amount of Series 2019-1 Class C Secured Distributed Network Revenue Term Notes. This is the first securitization financing of collateral comprised entirely of distributed network system assets. The offering closed concurrently with the closing of an amendment and restatement of ExteNet System’s senior secured credit facilities, led by SunTrust Bank.

ExteNet Systems is a leading owner and operator of distributed network systems in North America and designs, builds, owns and operates multi-carrier and multi-technology distributed network systems for mobile network operators and other commercial enterprises in both indoor and outdoor spaces.

Barclays Capital Inc. (“Barclays”) and Deutsche Bank Securities Inc. acted as special-purpose subsidiaries on the deal.

The Simpson Thacher team included John Schueller (Picture), Sung Bum Cho, Dennis Grabowski, Alexander Yeagley and Essete Workneh (Capital Markets); Brian Gluck, Cristina Gonzalez and Mark Haddox (Banking and Credit); Janet Nadile and Jonathan Pall (Collateral); John Creed, Jonathan Cantor and Sarah Katz (Tax); Jeanne Annarumma (ERISA); Michael Isby (Environmental); Krista McManus (Real Estate) and Terry Yates (Corporate).

Involved fees earner: Jeanne Annarumma – Simpson Thacher & Bartlett; Jonathan Cantor – Simpson Thacher & Bartlett; Sung Bum Cho – Simpson Thacher & Bartlett; John Creed – Simpson Thacher & Bartlett; Brian Gluck – Simpson Thacher & Bartlett; Cristina Gonzalez – Simpson Thacher & Bartlett; Dennis Grabowski – Simpson Thacher & Bartlett; Mark Haddox – Simpson Thacher & Bartlett; Michael Isby – Simpson Thacher & Bartlett; Sarah Katz – Simpson Thacher & Bartlett; Krista McManus – Simpson Thacher & Bartlett; Janet Nadile – Simpson Thacher & Bartlett; Jonathan Pall – Simpson Thacher & Bartlett; John Schueller – Simpson Thacher & Bartlett; Essete Workneh – Simpson Thacher & Bartlett; Terry Yates – Simpson Thacher & Bartlett; Alexander Yeagley – Simpson Thacher & Bartlett;

Law Firms: Simpson Thacher & Bartlett;

Clients: Barclays Capital ; Deutsche Bank Securities;

Author: Ambrogio Visconti