SBA Communications stock price triggers conversion right on notes

By Ashley Montgomery

Kansas City, Kan., Jan. 2 - SBA Communications Corp. said that holders of its 4% convertible senior notes due 2014 and its 1.875% convertible senior notes due 2013 have the option to convert their notes.

The agency said the right to conversion on the 4% notes is a result of a more than $39.49 closing price on the company's class A common stock for at least 20 of the 30 consecutive trading days ended Dec. 31. The conversion right for the 1.875% notes is a result of a more than $53.90 closing price on SBA's class A common stock for at least 20 of the 30 consecutive trading days ended Dec. 31.

The 4% notes are convertible at a rate of 32.9164 shares of common stock per $1,000 of notes. The 1.875% notes are convertible at a rate of 24.1196 shares of common stock per $1,000 of notes.

The notes are convertible until March 31.

U.S. Bank, NA is the agent.

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

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