Published on 6/17/2014 in the Prospect News High Yield Daily.
New Issue: SBA Communications sells upsized $750 million 4 7/8% eight-year notes to yield 5%
By Paul A. Harris
Portland, Ore., June 17 – SBA Communications Corp. priced an upsized $750 million issue of 4 7/8% eight-year senior notes (B3/B/) at 99.178 to yield 5% on Tuesday, according to a market source.
The deal was upsized from $600 million.
The yield printed on top of yield talk.
J.P. Morgan Securities LLC, Wells Fargo Securities LLC, Barclays, Citigroup Global Markets Inc., Deutsche Bank Securities Inc., RBS Securities Inc. and TD Securities were the joint bookrunners.
The Boca Raton, Fla.-based wireless communications infrastructure services provider plans to use the proceeds to redeem its 8¼% notes due 2019, to fund the conversion premium on its 4% convertible notes due 2014 and for general corporate purposes.
| Issuer: | SBA Communications Corp.
|
| Amount: | $750 million, increased from $600 million
|
| Maturity: | July 15, 2022
|
| Securities: | Senior notes
|
| Bookrunners: | J.P. Morgan Securities LLC, Wells Fargo Securities LLC, Barclays, Citigroup Global Markets Inc., Deutsche Bank Securities Inc., RBS Securities Inc., TD Securities
|
| Coupon: | 4 7/8%
|
| Price: | 99.178
|
| Yield: | 5%
|
| First call: | July 15, 2017 at 103.656
|
| Trade date: | June 17
|
| Settlement date: | July 1
|
| Ratings: | Moody's: B3
|
| Standard & Poor's: B
|
| Distribution: | Rule 144A and Regulation S with registration rights
|
| Price talk: | 5% area
|
| Marketing: | Quick to market
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
