SBA Communications increases term loan B amount to $2.3 billion

By Sara Rosenberg

New York, Jan. 19 – SBA Communications Corp. upsized its seven-year term loan B to $2.3 billion from $2 billion, according to a market source.

Pricing on the term loan is SOFR plus 200 basis points with a 0% floor and an original issue discount of 99.75.

The term loan has 101 soft call protection for six months and no CSA.

Earlier in syndication, the discount on the term loan was revised from 99.5.

TD Securities (USA) LLC and Mizuho are the joint lead arrangers on the deal, and are joint bookrunners with Barclays, Citigroup Global Markets Inc., Goldman Sachs Bank USA, JPMorgan Chase Bank and Wells Fargo Securities LLC.

Allocations are expected on Monday, the source added.

Proceeds will be used with cash on hand and a revolving credit facility draw, the amount of which is being reduced as a result of the term loan upsizing, to refinance an existing roughly $2.4 billion term loan B due April 2025 that is priced at SOFR+10 bps CSA plus 175 bps, and to pay related fees and expenses.

SBA is a Boca Raton, Fla.-based owner and operator of wireless communications infrastructure.

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