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Grain Capital Announces $196.545 Million Securitization of Wireless Spectrum Assets

Paul, Weiss client Grain Capital issued $196.545 million of securitized notes through a special purpose entity. The notes are backed by payments due from Verizon Wireless pursuant to a lease by Grain to Verizon of five wireless spectrum licenses. The proceeds of the issuance were used primarily to finance the acquisition of those wireless licenses, among others from Cincinnati Bell. The wireless spectrum leases will enable Verizon to offer enhanced wireless services in Cincinnati, Cincinnati-Dayton, Clinton, Hamilton-Middletown and Mercer, Ohio. The notes are expected to be paid off in five years. Morgan Stanley & Co. LLC was sole structuring advisor and lead book runner and CastleOak Securities, L.P. and Goldman, Sachs & Co. were co-managers of the bond sale for the issuer.

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

September 30, 2014

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