By Paul A. Harris
Portland, Ore., Jan. 21 – SBA Communications Corp. priced an upsized $1 billion issue of seven-year senior notes (B1/BB-) at par to yield 3 7/8% in a quick-to-market Tuesday trade, according to a syndicate source.
The issue size increased from $750 million.
The yield printed at the tight end of yield talk in the 4% area.
Citigroup Global Markets Inc. was the lead bookrunner. Joint bookrunners were J.P. Morgan Securities LLC, Barclays, Deutsche Bank Securities Inc., Mizuho Securities USA Inc., TD Securities (USA) LLC and Wells Fargo Securities LLC.
The Boca Raton, Fla.-based company plans to use the proceeds, along with cash on hand, to pay down $750 million of its existing 4 7/8% senior notes due July 15, 2022.
SBA Communications is a provider, owner and operator of wireless communications infrastructure in North, Central, and South America and South Africa.
| Issuer: | SBA Communications Corp.
|
| Amount: | $1 billion, increased from $750 million
|
| Maturity: | Feb. 15, 2027
|
| Securities: | Senior notes
|
| Lead bookrunner: | Citigroup Global Markets Inc.
|
| Joint bookrunners: | J.P. Morgan Securities LLC, Barclays, Deutsche Bank Securities Inc., Mizuho Securities USA Inc., TD Securities (USA) LLC and Wells Fargo Securities LLC
|
| Coupon: | 3 7/8%
|
| Price: | Par
|
| Yield: | 3 7/8%
|
| Spread: | 220 bps
|
| Call protection: | Three years
|
| Trade date: | Jan. 21
|
| Settlement date: | Feb. 4
|
| Ratings: | Moody's: B1
|
| S&P: BB-
|
| Distribution: | Rule 144A and Regulation S with registration rights
|
| Price talk: | 4% area
|
| Marketing: | Quick to market
|
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