SBA to terminate Optasite credit facility, pay down senior credit facility

By Angela McDaniels

Tacoma, Wash., July 20 - SBA Communications Corp. plans to repay and terminate Optasite Holding Co. Inc.'s credit facility and repay a portion of SBA Telecommunications, Inc.'s senior credit facility, according to a company news release.

SBA assumed Optasite's $150 million credit facility when it acquired the company in 2008.

The company will use some of the proceeds from a $500 million private offering of notes to repay a portion of the Optasite facility.

The notes are being issued by subsidiary SBA Telecommunications. Concurrently with the closing of the offering, SBA Telecommunications plans to use cash on hand to repay the remaining amounts outstanding under the Optasite credit facility, terminate the facility and repay amounts outstanding under its own senior credit facility.

The proceeds from the note offering will also be used to repurchase prior to maturity or repay at maturity SBA's outstanding 0.375% senior convertible notes due 2010 and to repay the 2005 CMBS certificates issued by a subsidiary of SBA Telecommunications.

Boca Raton, Fla.-based SBA owns and operates wireless communications infrastructure.

© 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.