US wireless tower operator SBA Communications has priced its offering of approximately six million shares of Class A common stock, resulting in gross proceeds of about US$284m, before expenses are deducted.
As previously reported, the NASDAQ-listed …
US wireless tower operator SBA Communications has priced its offering of approximately six million shares of Class A common stock, resulting in gross proceeds of about US$284m, before expenses are deducted.
As previously reported, the NASDAQ-listed company intends to use the net proceeds of the offering to help repay debt and for working capital purposes.
Specifically, SBA said it intends to redeem US$131.25m of 8% senior notes due in 2016 and the same amount of 8.25% senior notes due in 2019. According to an SEC filing, the notes each have principal balances of US$375m and the company’s total long-term net debt is US$3.35bn.
Citigroup and JP Morgan acted as underwriters for the offering.
