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Grain Spectrum Funding Announces $330 Million Securitization of Wireless Spectrum Assets

Paul, Weiss client Grain Spectrum Funding, LLC (the "Issuer"), a special purpose entity affiliated with Grain Capital, LLC, in a novel transaction, issued $330.05 million of securitized notes backed by payments due from AT&T and Verizon Wireless pursuant to two leases of wireless spectrum. The proceeds of the issuance were used by a subsidiary of the Issuer to purchase three wireless spectrum licenses from Verizon, which were then leased to AT&T and by a separate subsidiary of the Issuer to purchase one wireless spectrum license from AT&T, which was then leased to Verizon. The wireless spectrum leases will enable the carriers to offer enhanced wireless services in Dallas-Fort Worth, TX and Charlotte, Greensboro, Winston-Salem and Raleigh-Durham, NC. The notes are expected to be paid off in five years, when each of the wireless carriers will be required to purchase the related wireless spectrum license(s). Morgan Stanley & Co. LLC was sole structuring advisor and lead bookrunner and CastleOak Securities, L.P. was co-manager of the bond sale for the Issuer. 

The Paul, Weiss team included corporate partners Jordan Yarett and Lawrence Wee and counsel Scott Fisher and Ji Lu; bankruptcy partners Douglas Davis and Elizabeth McColm; tax partner Richard Bronstein; and employee benefits partner Andrew Gaines.

September 30, 2013

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