SBA Communications to issue shares in exchange for $60.5 million 0.375% convertibles

By Angela McDaniels

Tacoma, Wash., Oct. 9 - SBA Communications Corp. said it entered into two negotiated transactions on Wednesday under which it agreed to repurchase $60.5 million of its 0.375% convertible senior notes due 2010 in exchange for 2,735,000 shares of the company's common stock.

The transactions have an effective share price against principal debt repurchased of $22.12, according to an 8-K filing with the Securities and Exchange Commission. The notes have a conversion price of $33.56.

The transactions are expected to settle by Oct. 13.

The notes covered by the transactions represent 17.3% of the $350 million convertibles outstanding.

SBA Communications is a Boca Raton, Fla.-based owner of wireless communications towers.

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