By Andrea Heisinger
New York, April 4 - SBA Tower Trust, a subsidiary of SBA Communications Corp., priced $1.33 billion of secured tower revenue securities in three parts, according to a press release on Thursday.
There was $425 million of series 2013-1C securities with an anticipated repayment date of April 2018 and maturity of 2043.
The second part was $575 million of series 2013-2C securities that have an anticipated repayment date of April 2023 and final maturity of 2048.
The final tranche was $330 million of series 2013-1D securities that have an anticipated repayment in April 2018 and a final maturity of 2043.
The notes are guaranteed by SBA Guarantor LLC and SBA Holdings LLC.
The securities will have a blended interest rate of 3.218% and a weighted average life through the anticipated repayment date of 7.2 years.
The interest rate is 2.24% for the 2013-1C securities, 3.722% for the 2013-2C securities and 3.598% for the 2013-1D securities.
Pricing was done under Rule 144A and Regulation S.
Proceeds are being used to make a cash distribution to SBA Senior Finance, LLC to further distribute or contribute to one or more SBA entities directly or indirectly. They may be used to satisfy any unhedged obligations required to be satisfied in connection with the conversion or maturity of the company's outstanding 1.875% convertible senior notes due 2013 totaling between $625 million and $650 million, to repay the $100 million outstanding under the company's senior secured revolving credit facility and to repay certain balances under term loans currently outstanding under a senior credit facility.
The provider and owner of wireless communication infrastructure in North, Central and South America is based in Boca Raton, Fla.
| Issuer: | SBA Tower Trust
|
| Guarantors: | SBA Guarantor LLC, SBA Holdings LLC
|
| Issue: | Secured tower revenue securities
|
| Amount: | $1.33 billion
|
| Distribution: | Rule 144A, Regulation S
|
| Pricing date: | April 4
|
| Settlement date: | April 18
|
|
|
| Series 2013-1C securities
|
| Amount: | $425 million
|
| Repayment date: | April 2018
|
| Maturity: | 2043
|
| Coupon: | 2.24%
|
|
|
| Series 2013-2C notes
|
| Amount: | $575 million
|
| Repayment date: | April 2023
|
| Maturity: | 2048
|
| Coupon: | 3.722%
|
|
|
| Series 2013-1D
|
| Amount: | $330 million
|
| Repayment date: | April 2018
|
| Maturity: | 2043
|
| Coupon: | 3.598%
|
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