SBA Communications Corporation (NASDAQ:SBAC) Files An 8-K Entry into a Material Definitive Agreement

SBA Communications Corporation (NASDAQ:SBAC) Files An 8-K Entry into a Material Definitive Agreement
Item 1.01 Entry into a Material Definitive Agreement.

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On September28, 2017, SBA Communications Corporation (“SBA”) entered into a Purchase Agreement (the “Purchase Agreement”) under which SBA agreed to sell $750million aggregate principal amount of its 4.0% senior notes due 2022 (the “Notes”) to Citigroup Global Markets Inc. and J.P. Morgan Securities LLC, as representatives of the several initial purchasers named therein. SBA expects the closing of the Notes to occur on October13, 2017. The Notes will have an interest rate of 4.0% and will be issued at a price of 50% 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, which as of September27, 2017, had an outstanding balance of $410.0million. All remaining net proceeds will be used for general corporate purposes.

The Purchase Agreement contains customary representations, warranties, conditions to closing, indemnification rights and obligations of the parties.

Certain of the initial purchasers and their affiliates have engaged, and may in the future engage, in investment banking, commercial banking and other financial advisory and commercial dealings with SBA and its affiliates. In addition, certain of the initial purchasers or their affiliates serve in various roles under SBA’s Senior Credit Agreement, including as lenders under the Revolving Credit Facility. Accordingly, such lenders will receive a portion of the net proceeds from this offering.

Item 1.01 Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant.

The information set forth under Item 1.01 is incorporated by reference herein.

On September28, 2017, SBA issued a press release announcing its intention to offer $500million aggregate principal amount of Notes. A copy of the press release is filed herewith as Exhibit 99.1.

On September28, 2017, SBA issued a press release announcing the upsizing of its previously announced offering to $750million aggregate principal amount of Notes and the pricing of its Notes. A copy of the press release is filed herewith as Exhibit 99.2.

Item 1.01 Financial Statements and Exhibits.

(d) Exhibits


SBA COMMUNICATIONS CORP Exhibit
EX-99.1 2 d463527dex991.htm EX-99.1 EX-99.1 Exhibit 99.1   FOR IMMEDIATE RELEASE SBA Announces Offering of $500 Million of Senior Notes Due 2022 Boca Raton,…
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About SBA Communications Corporation (NASDAQ:SBAC)

SBA Communications Corporation is an independent owner and operator of wireless communications tower structures, rooftops and other structures that support antennas used for wireless communications. The Company’s operating segments include site leasing and site development. The site leasing business includes segments, domestic site leasing and international site leasing. The Company’s primary business line is its site leasing business. In its site leasing business, the Company leases antenna space to wireless service providers on towers that it owns or operates, and manages rooftop and tower sites for property owners under various contractual arrangements. The Company owns approximately 25,460 towers. It also manages or leases approximately 5,500 actual or potential towers. The Company’s other business line is its site development business, through which it assists wireless service providers in developing and maintaining their own wireless service networks.

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