Milbank, Tweed, Hadley & McCloy LLP advised the lead underwriters in connection with the issuance of $3.5 billion Series 2016-1 3.360% Senior Secured Notes, Class A-1, issued by bankruptcy-remote special purpose entities indirectly wholly-owned by Sprint Corporation, a wireless telecommunications company. The Class A-1 Notes are secured by, among other things, a portfolio of 2.5 Ghz and 1.9 GHz FCC Spectrum Licenses, independently valued in a range of $14.6 billion to 18.1 billion, and contributed indirectly by affiliates of Sprint to the securitization entities. This innovative transaction represented the first large-scale securitization of FCC wireless spectrum licenses. The structure allows for future issuances of additional notes up to a Maximum Program Amount of $7.0 billion, subject to satisfaction of certain conditions. Underwriters in the transaction were Goldman, Sachs & Co., Mizuho Securities and J.P. Morgan.
The Milbank team was led by Alternative Investments Practice partner Blair Tyson, Financial Restructuring partner Gerard Uzzi and Global Capital Markets partner Brett Nadritch and included associates Adrienne Weiner, Alastair Gillespie, Jeff Meyers, Lara Assaf, Brandon Jang, Nelly Almeida and Lafayette Greenfield.
