SBA repurchases $37.6 million more 0.375% convertibles

By Jennifer Chiou

New York, Nov. 21 - SBA Communications Corp. announced that it has bought back or has agreed to repurchase a total of $37.6 million of its 0.375% senior convertible notes due 2010 since filing its 10-Q on Nov. 5, according to an 8-K filing with the Securities and Exchange Commission.

On Nov. 5, the company said it acquired $148.5 million of the 0.375% notes during October. 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.

SBA added that $163.9 million of the notes remains outstanding.

The company previously 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.

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