Today SBA Communications Corporation announced that SBA’s 4.0% Convertible Senior Notes due 2014 are convertible by holders of such notes. Upon issuance of the 4.0% Notes, SBA elected to settle such notes in shares of SBA's Class A common stock and that election is still in effect.
“The conversion right for the 4.0% Notes has been triggered because SBA's Class A common stock closing price per share exceeded
$39.49 for at
least 20 trading days during the 30 consecutive trading day period ending on September
30, 2013. The
4.0% Notes will continue to be convertible until
December 31, 2013, and may be convertible thereafter, if one or more of the
conversion conditions specified in the Indenture, dated as of April
24, 2009, by
and between SBA and U.S.
Bank National Association, is satisfied during future measurement periods. Pursuant to
Section 10.01 of the Indenture, a holder who elects to convert the 4.0% Notes
will receive 32.9164 shares of SBA's Class A common stock per $1,000 principal
amount of notes. Pursuant to Section 10.02 of the Indenture, these shares will
be delivered 50 trading days after the holder delivers its notice of
conversion, unless a settlement period market disruption event (as defined in
the Indenture) occurs during this period,” according to SBA.