US tower operator SBA Communications is offering US$1.54bn of secured tower revenue securities to repay existing debt.
The offering includes US$920m of series 2014-1C securities maturing in October 2044 and US$620m of series 2014-2C securities which…
US tower operator SBA Communications is offering US$1.54bn of secured tower revenue securities to repay existing debt.
The offering includes US$920m of series 2014-1C securities maturing in October 2044 and US$620m of series 2014-2C securities which will be due in October 2049, carrying an annual interest rate of 2.898% and 3.869%, respectively.
Proceeds from the offering, which is expected to close on 15 October, will be used to prepay in full US$680m of outstanding series 2010-1C securities, to repay US$300m of its revolving obligations and for general corporate purposes.
In June, it raised US$750m through an offering of 4.875% senior notes due 2022.
In that same month, SBA’s Brazilian subsidiary acquired 1,641 towers from the country’s fourth largest mobile operator Oi for US$530m, increasing the number of its local tower assets to 7,000.
SBA has tower assets across the American continent, including in the US, Brazil, Canada, Costa Rica, El Salvador, Guatemala, Nicaragua and Panama.
