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Moody’s gives SBA notes B3
Moody’s Investors Service said it has assigned a B3 rating to SBA Communications Corp.'s proposed $600 million senior unsecured notes maturing 2022.
In connection with this rating action, Moody's said it lowered SBACs corporate family rating to B1 from Ba3, probability of default rating to B1-PD from Ba3-PD and the company's existing debt instruments by one notch, with the exception of the $800 million of 5¾% senior notes at SBA Telecommunications, Inc., which were downgraded by two notches to B3 from B1.
Moody's also affirmed the SGL-1 speculative-grade liquidity rating. The outlook is now stable.
New issue proceeds will be used to, among other things, repay a portion of the $500 million 4% convertible notes due October 2014, the agency stated.
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