NewsMV
A $3.5 billion debt refinancing is in focus for SBA Communications Corporation (NASDAQ: SBAC) after the company closed a three-tranche senior notes offering July 23 and used the proceeds to retire its secured term loan and revolving credit facility in full.
The transaction converts a secured balance sheet position into senior unsecured paper across three maturities and pairs with a new $2.5 billion unsecured revolving credit facility, with Wells Fargo Bank as administrative agent.
First coupon payments on all three tranches commence January 15, 2027. The three tranches The offering broke into two equal $1.35 billion pieces and one smaller slug.
The 2030 Notes carry a 4.875% coupon, the 2031 Notes 5.150%, and the 2033 Notes, at $800 million, 5.450%. Interest across all three series is payable semi-annually on January 15 and July 15.
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