BOCA RATON, Fla., June 04, 2015 (GLOBE NEWSWIRE) -- SBA Communications Corporation (Nasdaq:SBAC) ("SBA" or the "Company") today announced that its Board of Directors has authorized a new $1.0 billion stock repurchase plan. This new plan authorizes the Company to purchase from time to time the Company’s outstanding common stock through open market repurchases in compliance with Rule 10b-18 of the Securities Exchange Act of 1934, as amended, and/or in privately negotiated transactions at management’s discretion based on market and business conditions, applicable legal requirements and other factors. Shares purchased will be retired. The new plan has no time deadline and will continue until otherwise modified or terminated by the Company’s Board of Directors at any time in the Company’s sole discretion. The new plan is not expected to result in changes to the Company’s net debt/annualized adjusted EBITDA leverage level targets. The Company also announced the completion of the Company’s prior $300 million stock repurchase plan, repurchasing in May, 2015 the final $150 million of common stock authorized under the plan. The Company repurchased 1.305 million shares, or just over one percent of the shares currently outstanding, at an average price per share of $114.96.
About SBA Communications Corporation
SBA Communications Corporation is a first choice provider and leading owner and operator of wireless communications infrastructure in North, Central, and South 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 communication sites to a variety of wireless service providers under long-term lease contracts. For more information please visit: www.sbasite.com.