New Issue: SBA Communications prices upsized $500 million notes at par to yield 5 5/8%

By Paul A. Harris

Portland, Ore., Sept. 20 - SBA Communications Corp. priced an upsized $500 million issue of seven-year senior notes (B2/B-) at par to yield 5 5/8% on Thursday, according to a market source.

The yield printed in the middle of the 5½% to 5¾% talk. SBA increased the size from $300 million originally.

J.P. Morgan Securities LLC, Barclays and Citigroup Global Markets were joint bookrunners for the quick-to-market deal.

Proceeds will be used to help fund the company's acquisition of TowerCo II Holdings LLC, or, if the merger does not close, for general corporate purposes. The additional proceeds from the upsizing will be used for general corporate purposes.

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

Issuer:	SBA Communications Corp.
Amount:	$500 million, increased from $300 million
Maturity:	Oct. 1, 2019
Securities:	Senior notes
Bookrunners:	J.P. Morgan Securities LLC, Barclays, Citigroup Global Markets
Co-managers:	Deutsche Bank Securities Inc., RBS Securities Inc., TD Securities, Wells Fargo Securities
Coupon:	5 5/8%
Price:	Par
Yield:	5 5/8%
Spread:	447 bps
Call features:	Make-whole call at Treasuries plus 50 bps until Oct. 1, 2016, then callable at 102.813, 101.406, par on and after Oct. 1, 2018
Equity clawback:	35% at 105.625 until Oct. 1, 2015
Investor put:	101% upon change of control
Trade date:	Sept. 20
Settlement date:	Sept. 28
Ratings:	Moody's: B2
	Standard & Poor's: B-
Distribution:	Rule 144A and Regulation S with registration rights
Price talk:	5½% to 5¾%
Marketing:	Quick to market

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