SBA Communications Corporation Announces Pricing of 6M Share Offering

SBA Communications Corporation

today announced the pricing of an offering of 6,005,000 shares of its Class A common stock in an underwritten public offering, resulting in gross proceeds of $284,036,500 (before deducting expenses). SBA anticipates using the net proceeds from the offering (i) to redeem pursuant to the terms of the applicable indentures, $131.25 million in aggregate principal amount of its 8% senior notes due 2016 and $131.25 million in aggregate principal of its 8.25% senior notes due 2019 and to pay the applicable premium for the redemption (resulting in annualized cash interest expense savings of $21.3 million) and (ii) for working capital purposes. Citigroup and J.P. Morgan are acting as the underwriters for the offering.