AT&T公司位于德州普莱诺的新全球总部背后的开发商，正寻求通过一种小众融资形式筹集约35亿美元，以资助这一庞大企业园区的建设。
The developer behind AT&T Inc.’s new global headquarters in Plano, Texas, is seeking to raise about $3.5 billion via a niche form of financing to fund construction of the sprawling corporate campus.
据知情人士透露，总部位于达拉斯的房地产公司KDC正寻求以其建成多栋楼宇园区后将从AT&T收到的租赁付款为基础进行借贷，这种方式被称为信用租户租赁融资。这些人士不愿具名，因为他们无权讨论机密事项。CGA Capital和CBRE正在安排这笔债务，预计其加权平均期限为18.7年。
Dallas-based real estate firm KDC is looking to borrow based on the lease payments it will receive from AT&T after constructing the multi-building campus, known as credit tenant lease financing, according to people familiar with the matter who declined to be identified as they aren’t authorized to discuss confidential matters. CGA Capital and CBRE are arranging the debt, which is expected to have a weighted-average life of 18.7 years, the people said.
信用租户租赁（CTL）是一种私人债务形式，资金由具有投资级评级租户的租金支付担保，而非底层房地产。据PGIM的一份报告，通常CTL用于2500万至1亿美元范围内的融资。AT&T的这笔融资将远超这一规模。CGA拒绝置评。AT&T、KDC和CBRE未回应置评请求。
Credit tenant leases, or CTLs, are a form of private debt where funds are secured by the rent payments of an investment-grade-rated tenant, rather than the underlying real estate. Typically, CTLs are used for financings in the range of $25 million to $100 million, according to a report from PGIM. AT&T’s would be significantly larger than that. CGA declined to comment. AT&T, KDC, and CBRE didn’t respond to requests for comment.
这家电信公司在1月宣布了新总部计划，告知员工企业园区将占地54英亩。AT&T正搬出达拉斯市中心，效仿富国银行和卡特彼勒等其他大型雇主，选择在该市郊区建设大型园区。
The telecommunications company announced its plans for the new headquarters in January, telling employees the corporate campus will span 54 acres. AT&T is moving out of downtown Dallas, following in the footsteps of other major employers such as Wells Fargo & Co. and Caterpillar Inc., which have opted to build large campuses in the city’s suburbs.