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SBA stock price triggers conversion right on 4% convertibles due 2014
By Marisa Wong
Madison, Wis., Jan. 2 - SBA Communications Corp. announced that its 4% convertible senior notes due 2014 are now convertible until March 31.
The conversion right for the 4% notes was triggered because SBA's class A common stock closed above $39.49 for at least 20 trading days during the 30 consecutive trading days ended Dec. 31.
Holders who elect to convert the 4% notes will receive 32.9164 shares of SBA class A common stock per $1,000 principal amount of notes. These shares will be delivered 50 trading days after the holder delivers its notice of conversion.
Questions should be directed to Lori Buckles (800 934-6802) at U.S. Bank NA, the trustee for the notes.
The wireless communications company is based in Boca Raton, Fla.
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