SBA acquires 42.4% of 0.375% convertibles via repurchase, exchange

By Angela McDaniels

Tacoma, Wash., Nov. 5 - SBA Communications Corp. acquired $148.5 million, or 42.4%, of its $350 million 0.375% senior convertible notes due 2010 during October, according to its 10-Q report for the third quarter filed with the Securities and Exchange Commission.

The company repurchased $88 million of the convertibles for $64.9 million in cash and issued 2,735,000 shares of class A common stock in exchange for $60.5 million of the convertibles.

The exchanges were carried out via privately negotiated transactions and had an effective share price against principal debt repurchased of $22.12.

The company said it may in the future repurchase its outstanding debt, including the 0.375% convertibles and its 1.875% convertible senior notes due 2013, in privately negotiated or open-market transactions.

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

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.