SBA Communications buys back $21 million of 0.375% convertibles

By Angela McDaniels

Tacoma, Wash., Oct. 14 - SBA Communications Corp. agreed to repurchase $21 million of its 0.375% convertible senior notes due 2010 for $14.03 million in cash, according to an 8-K filing with the Securities and Exchange Commission.

The repurchase will settle Friday and will bring the total amount of convertibles repurchased to $81.5 million.

Following the repurchase, $268.5 million of the convertibles will remain outstanding.

SBA Communications said it has and may in the future repurchase its debt from time to time in privately negotiated transactions, including the 0.375% convertibles, its 1.875% convertibles due 2013 and its 2005 and 2006 collateralized mortgage-backed securities.

As previously reported, on Oct. 8, the company agreed to repurchase $60.5 million of the 0.375% convertibles in exchange for 2,735,000 shares of common stock. That repurchase, made via two negotiated transactions, was expected to settle by Monday.

SBA Communications is a Boca Raton, Fla.-based owner of wireless communications towers.

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