SBA Communications to repay revolver debt with convertibles proceeds

By Sara Rosenberg

New York, May 12 - SBA Communications Corp. plans to repay some revolving credit facility borrowings using proceeds from a $500 million convertible senior notes offering, according to a news release.

The company will repay $20 million drawn under the revolver and about $200 million that will be drawn to fund the acquisition of TowerCo, to finance future acquisitions, the future acquisition or construction of towers and the purchase or extension of leases of land underneath its towers, to fund additional stock repurchases and/or for general corporate purposes.

Remaining proceeds from the convertibles offering will be used to repurchase up to $150 million of class A common stock, to enter into convertible note hedge transactions and to enter into warrant transactions.

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

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