SBA announces partial redemption of $68.9 million 9¾% notes

By Jennifer Chiou

New York, June 2 -SBA Communications Corp. and SBA Telecommunications, Inc. will redeem $68.9 million of its outstanding 9¾% senior discount notes due 2011 on June 30, according to an 8-K filing with the Securities and Exchange Commission.

SBA and SBA Telecommunications will redeem at a price of 109.75% plus accrued interest using proceeds from SBA's 8 million-share, class A common stock issuance to redeem the notes.

The pre-June 30 accreted note balance is $317.2 million.

Boca Raton, Fla.-based SBA owns and operates wireless communications towers.

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