SBA bought back 12% notes, exchanged shares for 10¼% notes in third quarter

New York, Nov. 11 - SBA Communications Corp. (Caa2) said that in the quarter ended Sept. 30, it repurchased $25 million principal amount of its zero-coupon/12% senior discount notes due 2008. The company purchased the notes in the open market and paid $25.5 million cash, plus accrued interest.

SBA, a Boca Raton, Fla.-based communications antenna tower owner-operator, also exchanged 2.85 million shares of its class A common stock for $10 million principal amount of its 10¼% senior notes due 2009 plus accrued interest.

The company said liquidity at Sept. 30 was $86.4 million, consisting of $58.3 million of cash and restricted cash, and $28.1 million of availability under the credit facility. Such liquidity does not include any asset sale proceeds received subsequent to Sept. 30.

It also reported in its latest release of quarterly earnings that it ended the quarter with $166.9 million borrowed under its $195 million senior credit facility, $709 million of senior notes outstanding and net debt of $817.6 million. Total debt has decreased from $1.019 billion as of Dec. 31, 2002 to $875.9 million as of Sept. 30, 2003 (debt amounts as of Sept. 30, 2003 and Dec. 31, 2002 exclude approximately $4.7 million and $5.2 million, respectively, of deferred gain from a derivative termination).

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