SBA Communications to start roadshow Tuesday for $200 million eight-year discount notes

By Paul A. Harris

St. Louis, Dec. 1 - SBA Telecommunications Inc. begins the roadshow Tuesday for an offering of $200 million proceeds of senior discount notes due 2011, according to a syndicate source.

The deal is expected to price during the week of Dec. 8.

Lehman Brothers will run the books on the Rule 144A deal. Citigroup, Deutsche Bank Securities, Merrill Lynch & Co. and TD Securities are co-managers.

The notes will be non-callable for four years and will contain a three-year equity clawback for 35%.

SBA will use proceeds to fund a tender for up to $153.3 million of its 12% senior discount notes due 2008, to repurchase and/or redeem the 12% senior discount notes and/or its 10¼% senior notes due 2009 and/or repay debt under its senior credit facility.

The prospective issuer is a subsidiary of SBA Communications Corp., a Boca Raton, Fla.-based operator of wireless communications infrastructure in the U.S.

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