Ropes & Gray Advised Tillman Infrastructure on $850 Million Senior Secured Notes Issuance and Letter of Credit Facility

Ropes & Gray has advised Tillman Infrastructure, a leading, scaled macro tower and digital infrastructure US business, on the private placement of $850 million aggregate principal amount of IG-rated senior secured notes issued by TI ABS Sub 1, LLC, together with a letter of credit facility provided by JPMorgan Chase Bank, N.A. The proceeds from the notes will be used in part to refinance existing indebtedness. The firm originally advised Tillman Infrastructure in April 2024 on the existing financing package totaling $1 billion.

This transaction continues the growth of Ropes & Gray’s digital infrastructure financing practice, building on the success of recently completed fiber ABS financing transactions for Surf Internet, Optimum Communications and Frontier Communications, and Law360’s “Complex Financial Instruments Practice of the Year 2025” financing for Kings III of America, the first-ever ABS offering backed by emergency communications operating and monitoring contracts and the related call center infrastructure assets.

The cross-border Ropes & Gray team was led by finance partner Michael Kazakevich (London), finance counsel Alexandru Mocanu (London), and finance partner Christopher Poggi (New York) with support from associates; Alma Yasin (London), Akosua Duodu (New York), Wendy Li (New York), and law clerks Lois Elshof (London) and Stefania Gauthier (London).