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Moody's may lift SBA
Moody's Investors Service said it placed the ratings of SBA Communications and subsidiaries on review for possible upgrade, based on the company's recent sale of equity and dedicating the proceeds to the repurchase of about $120 million of debt.
Affected ratings include the company's corporate family rating of B2, 8.5% senior notes due 2012 rated Caa1, SBA Telecommunications, Inc.'s 9.75% senior discount notes due 2011 rated B3, SBA Senior Finance, Inc.'s $75 million senior secured revolving credit facility due 2008 rated B1 and $325 million senior secured term loan due 2008 rated B1.
This substantial reduction in debt combined with continued strong operating results have improved the company's credit profile meriting a review for possible upgrade, Moody's said.
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