SBA Senior Finance to launch term loan B-1 and B-2 repricing on Monday

By Sara Rosenberg

New York, Jan. 6 – SBA Senior Finance II LLC will hold an investor meeting at 1 p.m. ET on Monday to launch a repricing of its $1,466,000,000 term loan B-1 due March 24, 2021 and its $494 million term loan B-2 due June 10, 2022, according to a market source.

Wells Fargo Securities LLC is the left lead arranger on the deal.

The repriced term loans are talked at Libor plus 225 basis points with no Libor floor and a par issue price, the source said.

Included in the repriced loans is 101 soft call protection for six months, and maximum total leverage and minimum interest coverage covenants.

Expected term loan ratings are B1/BB.

The repricing will take the term loan B-1 and B-2 debt down from Libor plus 250 bps with a 0.75% Libor floor.

SBA Senior Finance is a subsidiary of SBA Communications Corp., a Boca Raton, Fla.-based owner and operator of wireless communications infrastructure.

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