SBA Communications elects to settle conversion of 1.875% notes in cash

By Marisa Wong

Madison, Wis., Feb. 1 - SBA Communications Corp. said it has decided to settle the conversion of its 1.875% convertible senior notes due 2013 entirely in cash, effective Feb. 4.

SBA Communications announced early last month that holders of its 1.875% convertible notes, as well as its 4% convertible senior notes due 2014, could convert their notes until March 31.

As previously reported, the option to convert the 4% notes resulted from the company's class A common stock closing above $39.49 for at least 20 trading days out of the 30-trading-day period ended Dec. 31. The conversion right for the 1.875% notes was triggered by the class A common stock closing above $53.90 for at least 20 days in the 30-day period ended Dec. 31.

The 4% notes are convertible at a rate of 32.9164 shares of common stock per $1,000 of notes. The 1.875% notes are convertible at a rate of 24.1196 shares of common stock per $1,000 of notes.

U.S. Bank, NA is the agent.

SBA is a Boca Raton, Fla.-based provider, owner and operator of wireless communications infrastructure.

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