SBA Announces $600 Mln Private Senior Notes Offering

(RTTNews) - SBA Communications Corp. (SBAC) said Tuesday that it has commenced a private offering of $600 million aggregate principal amount of senior notes due 2022.

The company said it plans to use the net proceeds from the offering to redeem all of its 8.25% Notes due 2019, which are redeemable, upon notice of not less than 30 days, as of August 15, 2014 and to pay its conversion obligations with respect to about $121 million aggregate principal amount of its 4.0% Convertible Senior Notes due 2014.

All remaining net proceeds will be used for general corporate purposes, including an early unwind of a portion of the outstanding warrants underlying the company's 4.0% Notes for cash and paying in cash a portion of the principal amount outstanding of its 4.0% Notes upon their conversion.