Harmoni Towers has completed the closing of its inaugural $620 million private placement financing.

In an announcement, the Palistar Capital-backed wireless infrastructure company reported that the financing was approximately three times oversubscribed.

According to Harmoni, the financing is backed by more than 1,700 high-quality macro tower sites underpinned by master lease agreements with major US wireless carriers.

The notes were rated as investment grade and were priced at 150bps spread above treasuries.

Harmoni noted that the transaction attracted a diverse base of bidders, including global asset managers and insurance companies.

"This inaugural financing marks an important milestone in Harmoni's growth and our continued mission to deliver high-quality digital infrastructure across the US," said Yannis Macheras, chief executive officer of Harmoni Towers. "The strong investor demand and oversubscription of the issuance underscore the market's confidence in our platform, assets, and leadership team."

Harmoni, an affiliate of Palistar Capital, owns, operates, and builds mission-critical communications infrastructure. The company has more than 2,000 sites constructed or in development.

"We believe this financing further positions Harmoni as a premier independent tower company with the scale and balance sheet to meet the growing connectivity needs of the US wireless ecosystem," said Omar Jaffrey, founder and managing partner of Palistar Capital.

TD Securities served as the sole structuring agent and lead ratings advisor, and TD Securities and Goldman Sachs served as joint lead placement agents.

Symphony Towers Infrastructure is another affiliate company of Palistar.