US towerco SBA Communications is offering US$610m of 2.933% secured tower revenue securities, known as Series 2012-1 securities, through its indirect subsidiary SBA Tower Trust.
The proceeds of the offering, which matures in 2042, will be used to retire…
US towerco SBA Communications is offering US$610m of 2.933% secured tower revenue securities, known as Series 2012-1 securities, through its indirect subsidiary SBA Tower Trust.
The proceeds of the offering, which matures in 2042, will be used to retire US$244m of 8% senior notes due 2016. A portion will also go towards the recently announced acquisition of Towerco. SBA acquired Towerco’s 3,252 sites at the end of June for US$1.45bn.
SBA’s notes are backed by mortgages representing approximately 95% of predicted annualised net cash flow and guaranteed by SBA Guarantor LLC and SBA Holdings LLC.
The offering closes on 9 August.
