SBA Communications driving by with $1.5 billion eight-year notes

By Paul A. Harris

Portland, Ore., Jan. 14 – SBA Communications Corp. plans to price a $1.5 billion offering of eight-year senior notes (B1/BB-) in a Thursday drive-by, according to market sources.

Initial guidance has the deal coming to yield in the mid-3% area.

J.P. Morgan Securities LLC is leading the notes sale.

The Rule 144A and Regulation S notes come with three years of call protection.

The Boca Raton, Fla.-based wireless communications infrastructure company plans to use the proceeds to repay bond and bank debt and for general corporate purposes.

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