Cogent Communications Eyes Debut ABS Deal Backed by IP Addresses

Global internet provider Cogent Communicationsis offering investors a bond backed by internet protocol addresses, adding to the recent spree of transactions supported by non-traditional collateral.

The planned sale marks the Washington, DC-based company’s first-ever ABS offering, which will pay investors using revenue from leasing its IP addresses to customers. Cogent is looking to sell $206 million of notes that are set to mature in May 2054, according to a person familiar with the matter. Morgan Stanley will lead the sale, which is expected to price in the near-term, added the person, asking not to be identified discussing a private ...