BOCA RATON, Fla., May 9, 2012 (GLOBE NEWSWIRE) -- SBA Communications Corporation (Nasdaq:SBAC) ("SBA") announced today that its wholly owned subsidiary, SBA Senior Finance II LLC ("SBA Senior Finance II"), obtained a new $200.0 million senior secured term loan (the "Term Loan A"). In addition, SBA Senior Finance II increased the size of its senior secured revolving credit facility (the "Revolving Credit Facility") by $100.0 million to a total capacity of $700.0 million and extended the maturity date to May 9, 2017. All other existing terms of the Revolving Credit Facility remain unchanged.
The Term Loan A was issued at par with upfront fees in the amount of $1.0 million. It will bear interest, at SBA's election, at either the Base Rate plus a margin that ranges from 1.00% to 1.50% or the Eurodollar Rate plus a margin that ranges from 2.00% to 2.50%, based on SBA Senior Finance II's leverage. Principal of the Term Loan A will be repaid in quarterly installments on the last day of each March, June, September and December, commencing on September 30, 2012, in an amount equal to $2.5 million for each of the first eight quarters, $3.75 million for the next four quarters and $5.0 million for each quarter thereafter. SBA Senior Finance II has the ability to prepay any or all amounts under the Term Loan A. To the extent not previously paid, the Term Loan A will be due and payable on May 9, 2017. Proceeds from the Term Loan A were used to pay down amounts outstanding under the Revolving Credit Facility. TD Securities (USA) LLC and Wells Fargo Securities, LLC were joint lead arrangers for the Term Loan A.
About SBA Communications Corporation
SBA Communications Corporation is a first choice provider and leading owner and operator of wireless communications infrastructure in North and Central America. By "Building Better Wireless," SBA generates revenue from two primary businesses – site leasing and site development services. The primary focus of the Company is the leasing of antenna space on its multi-tenant towers to a variety of wireless service providers under long-term lease contracts. For more information please visit: www.sbasite.com.