Moody's rates SBA notes B1

Moody's Investors Service said it assigned a B1 (LGD5-81%) rating to the proposed $650 million senior unsecured notes due 2020 to be issued by SBA Telecommunications, Inc.

Moody's said that the LGD assessments and point estimates for the individual debt instruments will be subject to further volatility depending on how the company finances the maturing convertible notes due in May 2013 and the bridge loan it will take on in connection with the TowerCo acquisition, expected to close later in 2012.

As such, Moody's said it is concerned that the company may be exposed to financing and market risks given the company's significant near- to intermediate-term debt maturities, which total roughly $1.6 billion over the next two years.

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