New Issue: SBA Communications sells $250 million eight-year notes at par to yield 8½%

By Paul A. Harris

St. Louis, Dec. 1 - SBA Communications Corp. sold $250 million of eight-year senior notes (Caa2/CCC-) at par on Wednesday to yield 8½%, according to a syndicate source.

Price talk was 8¼% to 8½%.

Lehman Brothers and Deutsche Bank Securities ran the books for the Rule 144A/Regulation S issue. The co-managers were Friedman Billings Ramsey, Raymond James, RBC Capital Markets and TD Securities.

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

The issuer is a Boca Raton, Fla.-based operator of wireless communications infrastructure.

Issuer:	SBA Communications Corp.
Amount:	$250 million
Maturity:	Dec. 1, 2012
Security description:	Senior notes
Bookrunners:	Lehman Brothers, Deutsche Bank Securities
Co-managers:	Friedman Billings Ramsey, Raymond James, RBC Capital Markets, TD Securities
Coupon:	8½%
Price:	Par
Yield:	8½%
Spread:	433 basis points
Call features:	Make-whole at Treasuries plus 50 basis points prior to Dec. 1, 2008, then callable at 104.250, 102.125, par on Dec. 1, 2010 and thereafter
Equity clawback:	Prior to Dec. 1, 2007 for up to 35% at 108.500
Pricing date:	Dec. 1
Settlement date:	Dec. 14
Ratings:	Moody's: Caa2
	Standard & Poor's: CCC-
Price talk:	8¼%-8½%

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