SBA terminates $160 million revolver

By Jennifer Chiou

New York, April 4 - SBA Communications Corp.'s wholly owned subsidiary, SBA Senior Finance II LLC, terminated a $160 million senior secured revolving credit facility due Dec. 21, 2007, according to an 8-K filing with the Securities and Exchange Commission.

The company said that its availability under the credit agreement was suspended after its recently completed issue of convertible notes. SBA added that substantial modifications to the credit agreement would have been required to make funds available under the revolving credit facility.

The facility was dated as of Dec. 21, 2005.

Borrowings carried an interest rate that can range from Libor plus 75 to 200 basis points.

The company added that it intends to enter into a new revolving credit facility in the future.

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

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