Verizon hires banks for debut cell phone ABS
Reuters
Published Jun 28, 2016 11:40AM ET
Updated Jun 28, 2016 11:50AM ET
Verizon hires banks for debut cell phone ABS
By Joy Wiltermuth and Jason Freydberg
NEW YORK (IFR) - Mobile phone giant Verizon has mandated banks for the first ever securitization to be backed by cell phone contracts in the US, one of the banks managing the deal told IFR on Tuesday.
Bank of America Merrill Lynch (NYSE:BAC) (structuring), Barclays (LON:BARC) and MUFG have been hired as lead managers on the inaugural transaction, which is expected to be $1.169 billion in size and rated Triple A.
An investor roadshow will take place this week and next.
The deal will be backed by Verizon cellphone payment contracts, which in the past few years have become an increasingly popular way to finance smart phone purchases.
Fitch Ratings and S&P Global Ratings were hired to rate the transaction.
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Written By: Reuters
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