The NAIC Home Run Club, which recognizes significant deals completed by member firms that have returned at least 4X to their limited partners, has inducted Grain Management for its Cincinnati Bell Wireless Spectrum Transaction. In September 2014, Grain made an investment in spectrum licenses owned by regional wireless service provider Cincinnati Bell Wireless.
Concurrent with the spectrum acquisition, Grain executed a lease of a majority of the licenses to Verizon and a bond offering secured by the Verizon lease cash flow stream, significantly reducing the amount of capital required from Fund II investors. The licenses not leased to Verizon were sold in February 2015 to T-Mobile, another national carrier. As of September 30, 2016, the transaction’s realized return was 5.35x. For more information on the NAIC Home Run Club, visit: http://naicpe.com/tools/naic-home-run-club/