US towerco SBA Communications has completed its US$1.1bn acquisition of 2,300 towers in the US and Central America from affiliates of the infrastructure provider Mobilitie.
SBA paid for the acquisition through US$850m in cash and the issue of 5.25m…
US towerco SBA Communications has completed its US$1.1bn acquisition of 2,300 towers in the US and Central America from affiliates of the infrastructure provider Mobilitie.
SBA paid for the acquisition through US$850m in cash and the issue of 5.25m shares of its class A common stock.
The towerco part-funded the cash part of the deal through a US$400m bridge loan, arranged by Barclays and JP Morgan, which matures in April 2013.
SBA also announced yesterday the public offering of the 5.25m shares it had issued by various selling shareholders.
According to an SBA SEC filing, the selling shareholders are Mobilitie Holdings, Mobilitie Holdings II, New Mobilitie Investments, New Mobiltie Investments, and Orlin Properties.
The sole underwriter for the public offering is BofA Merrill Lynch.
SBA said it would not sell its shares in this offering and would not receive any proceeds from the sale.
