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.
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