S&P: SBA Communications notes B+

S&P said it assigned its B+ issue-level rating to SBA Communications Corp.'s proposed $500 million of senior unsecured notes due in 2022. The 5 recovery rating indicates an expectation for modest (10% to 30%; rounded estimate: 15%) recovery in the event of a default.

Proceeds will be used to repay borrowings under its revolving credit facility and for general corporate purposes.

The BB- corporate credit rating and stable outlook are unchanged.

“We do not expect the transaction to affect the company's key credit measures, including adjusted leverage, which was about 8x as of June 30,” the agency said in a news release.

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