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SBA Communications launches upsized $1.1 billion of eight-year notes
By Paul Deckelman
New York, Aug. 1 – SBA Communications Inc. launched an upsized $1.1 billion offering of eight-year notes (Ba3/B), a high yield syndicate source said Monday.
He said that the issue – upsized from an originally announced $800 million – was launched with a coupon of 4 7/8%.
He said it was expected to price at 99.178 to yield 5%, in line with price talk envisioning a yield between 4 7/8% and 5%.
As of Monday evening, there had been no word on whether the deal had actually priced.
High yield syndicate sources said that the notes would be coming to market via Deutsche Bank Securities Inc.
The Rule 144A/Regulation S offering was marketed to potential investors via a Monday morning conference call.
The notes will have call protection for the first three years after issue.
SBA, a Boca Raton Fla.-based wireless telecom infrastructure company, plans to use the net proceeds from the offering, along with cash on hand, to redeem all of subsidiary SBA Telecommunications, LLC’s 5¾% senior notes due 2020, which are redeemable upon notice of not less than 30 days.
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