Vertical Bridge Raises $1.94 Billion in Tower-Backed Financing

WASHINGTON, Feb. 25, 2026 – Vertical Bridge issued $1.94 billion in tower revenue notes backed by cash flows from 10,425 sites across all 50 states, Puerto Rico and Washington, D.C., the company said.

The offering was structured as an asset-backed securities transaction and was led by Barclays. Asset-backed securities are bonds backed by revenue generated from specific assets. The company said the deal marked the largest securitization in the tower sector’s history.

A total of 78 investors participated across four classes of notes, including 41 new investors to Vertical Bridge’s securitization platform. The company said the issuance was its eleventh such financing since 2016