...The GW Issuer, LLC Secured Fiber Network Revenue Notes, Series 2026-1 transaction is a $333,020,000 securitization of contract payments derived from existing Fiber to the Premise (FTTP), E-Rate and Fixed Wireless Access (FWA) networks operated by Gateway Fiber, LLC (Gateway). The transaction is backed by a first-priority security interest in the underlying network assets, current or future customer contracts, transaction accounts, and a pledge of equity from asset entities. The collateral network consists of approximately 49,167 customers located across established markets primarily in the Midwest region, with Missouri the largest at 45.2% of annualized revenue, followed by Kansas at 27.8%. FTTP revenues constitute the largest portion of the collateral pool at 73.9%, followed by E-Rate at 13.6% and FWA at 12.5%. The transaction reflects an anticipated repayment date (ARD) structure, whereby all tranches will be interest-only until their five-year, soft bullet maturities, after which, all...
