SBA Senior Finance gets $285 million revolver

By Sara Rosenberg

New York, Jan. 24 - SBA Senior Finance Inc. closed on a new $285 million three-year senior secured revolving credit facility, according to an 8-K filed with the Securities and Exchange Commission Thursday.

TD Securities and Wachovia acted as co-lead arrangers on the deal that was completed on Jan. 18, and TD, Wachovia Citigroup, Deutsche Bank, JPMorgan and Lehman acted as bookrunners. TD is the administrative agent, Citi and JPMorgan are co-documentation agents, and Wachovia and Lehman are co-syndication agents.

Pricing on the revolver can range from Libor plus 150 basis points to 300 bps, based on debt to EBITDA.

Borrowings may only be used for the construction or acquisition of towers and for ground lease buyouts.

Covenants include a consolidated total debt to annualized borrower EBITDA ratio of 6.9 and an annualized borrower EBITDA to annualized cash interest expense ratio of 2.0.

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

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