SBA Communications $250 million eight-year notes talked to yield 8¼%-8½%, to price Wednesday

By Paul A. Harris

St. Louis, Nov. 30 - Price talk of 8¼% to 8½% emerged Tuesday on SBA Communications Corp.'s $250 million offering of eight-year senior notes, according to a market source.

Pricing is expected on Wednesday.

Lehman Brothers and Deutsche Bank Securities are joint bookrunners for the Rule 144A/Regulation S offering. Friedman Billings Ramsey, Raymond James, RBC Capital Markets and TD Securities are co-managers.

The notes will be callable with a make-whole call for the first four years and will then be callable at a premium.

Proceeds will be used to fund the tender for the company's 10¼% senior notes due 2009 and to repurchase 9¾% senior discount notes or repay part of the company's revolver.

SBA Communications is a Boca Raton, Fla.-based operator of wireless communications infrastructure.

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