BOCA RATON, FL-- SBA Communications Corporation (Nasdaq: SBAC) ("SBA") has announced that an indirect subsidiary of SBA has priced an offering of $700 million of Secured Tower Revenue Securities Series 2016-1 (the "Series 2016-1 Securities"), which have an anticipated repayment date of July 2021 and a final maturity date of July 2046. The Series 2016-1 Securities will be issued by SBA Tower Trust and will be guaranteed by, among others, SBA Guarantor LLC and SBA Holdings LLC.
The Series 2016-1 Securities will bear interest at 2.877% per annum. Net
proceeds from this offering will be used to make a cash distribution to
SBA Guarantor LLC which will further distribute or contribute such
amount to one or more other SBA entities, directly or indirectly, to be
used to prepay in full $550 million outstanding of Series 2010-2C
Securities, and for general corporate purposes. The offering of the
Series 2016-1 Securities is expected to close on or about July 7, 2016. Continue Reading