KDC为AT&T德州普莱诺新总部建设寻求约35亿美元CTL（信用租户租赁）融资

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 financingto fund construction of the sprawling corporate campus.

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.

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.

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.