SBA Announces Pricing of $750 Million of 4.0% Senior Notes Due 2022
September 28 2017 - 4:58PM
SBA Communications Corporation (NASDAQ:SBAC) (“SBA”) announced
today that it has priced an offering of $750 million aggregate
principal amount of senior notes due 2022 (the “Notes”), which was
upsized from the previously announced $500 million. SBA
expects the closing of the Notes to occur on October 13, 2017. The
Notes will have an interest rate of 4.0% and will be issued at a
price of 100% of their face value.
SBA intends to use the net proceeds from the offering to repay
amounts outstanding under its Revolving Credit Facility under its
Senior Credit Agreement. All remaining net proceeds will be
used for general corporate purposes.
The Notes will be offered in the United States only to qualified
institutional buyers in accordance with Rule 144A under the
Securities Act of 1933, as amended (the “Securities Act”), and to
certain non-U.S. persons in transactions outside the United States
in reliance on Regulation S under the Securities Act. The Notes
have not been registered under the Securities Act, or the
securities laws of any other jurisdiction, and may not be offered
or sold in the United States absent registration or an applicable
exemption from the registration requirements of the Securities Act
and applicable securities laws of any other jurisdiction. SBA has
agreed to file a registration statement with the Securities and
Exchange Commission (the “SEC”) pursuant to which SBA will either
offer to exchange the Notes for substantially similar registered
notes or register the resale of the Notes. This press release does
not and will not constitute an offer to sell any of the Notes or
the solicitation of an offer to buy any of the Notes, nor shall
there be any sale of the Notes in any jurisdiction in which such
offer, solicitation or sale would be unlawful.
About SBA Communications Corporation
SBA Communications Corporation is a first choice provider and
leading owner and operator of wireless communications
infrastructure in North, Central, and South America. By “Building
Better Wireless,” SBA generates revenue from two primary businesses
– site leasing and site development services. SBA’s primary focus
is the leasing of antenna space on its multi-tenant communication
sites to a variety of wireless service providers under long-term
lease contracts.
Information Concerning Forward-Looking
Statements
This press release includes forward-looking statements regarding
the offering of the Notes and the intended use of the net proceeds.
These forward-looking statements may be affected by risks and
uncertainties in SBA’s business and market conditions. This
information is qualified in its entirety by cautionary statements
and risk factor disclosure contained in SBA’s SEC filings,
including SBA’s Annual Report on Form 10-K filed with the SEC. SBA
wishes to caution readers that certain important factors may have
affected and could in the future affect SBA’s actual results and
could cause SBA’s actual results for subsequent periods to differ
materially from those expressed in any forward-looking statement
made by or on behalf of SBA, including the risk that the offering
of the Notes cannot be successfully completed. SBA undertakes no
obligation to update forward-looking statements to reflect events
or circumstances after the date hereof.
Contacts:
Mark DeRussy, CFA Capital Markets 561-226-9531
Lynne Hopkins Corporate Communications 561-226-9431
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