SBA Announces Pricing of $500 million of 3.875% Senior Notes Due 2027
May 19 2020 - 5:32PM
Business Wire
SBA Communications Corporation (NASDAQ: SBAC) (“SBA”) announced
today that it has priced an add-on offering of $500 million
aggregate principal amount of 3.875% senior notes due 2027 (the
“Notes”), which was upsized from the previously announced $400
million. SBA expects the closing of the Notes to occur on May 26,
2020. The Notes will be issued at a price of 99.50% of their face
value plus accrued interest from February 4, 2020.
SBA intends to use the net proceeds of 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 issued as additional notes under a supplement
to an existing indenture dated as of February 4, 2020, and will
constitute the same series of securities as the $1.0 billion 3.875%
Senior Notes due 2027 issued on February 4, 2020 (the “Existing
Notes”). Other than with respect to the date of issuance and the
offering price, the Notes will have the same terms as the Existing
Notes and the Notes and the Existing Notes will be treated as a
single class for all purposes under the indenture. Except with
respect to Notes offered pursuant to Regulation S, the Notes will
have the same CUSIP number as, and will be fungible with, the
Existing Notes immediately upon issuance.
The Notes will be offered in the United States only to persons
reasonably believed to be 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
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 leading independent owner
and operator of wireless communications infrastructure including
towers, buildings, rooftops, distributed antenna systems (DAS) and
small cells. With a portfolio of more than 30,000 communications
sites in fourteen markets throughout the Americas and South Africa,
SBA is listed on NASDAQ under the symbol SBAC.
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 and Quarterly Report on
Form 10-Q 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.
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version on businesswire.com: https://www.businesswire.com/news/home/20200519005963/en/
Mark DeRussy, CFA Capital Markets 561-226-9531 Lynne Hopkins
Corporate Communications 561-226-9431
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