SBA Announces Add-On Offering of $400 Million of 3.875% Senior Notes Due 2027

SBA Communications Corporation announces Add-On Offering of $400 Million of 3.875% Senior Notes Due 2027

BOCA RATON, FL (STL.News) SBA Communications Corporation (NASDAQ: SBAC) (“SBA”) announced today that it has commenced a private add-on offering of $400 million aggregate principal amount of 3.875% senior notes due 2027 (the “Notes”).

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.

NOTE: this is NOT the complete release.