SBA Communications buys back $62.01 million of 0.375% convertibles

By Jennifer Chiou

New York, Oct. 16 - SBA Communications Corp. entered into two negotiated transactions under which it agreed to repurchase $62.01 million of its 0.375% convertible senior notes due 2010 for $46.88 million in cash, according to an 8-K filing with the Securities and Exchange Commission.

On Oct. 9, the company agreed to repurchase $60.5 million of the 0.375% convertibles in exchange for 2,735,000 shares.

The company said that the transaction will settle by Oct. 20 and that there are now $206.5 million of convertibles outstanding.

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

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