SBA to use new credit facility to redeem remaining 12% notes

New York, Jan. 13 - SBA Communications Corp. (B2/B+) said it plans to use part of the proceeds of a new $350 million senior secured credit facility to call the remaining $65.7 million of its 12% senior discount notes on March 1.

SBA, a Boca Raton, Fla.-based telecommunications antenna tower operator, previously repurchased $153.327 million principal amount of the 12% notes via an over-subscribed partial tender offer and related consent solicitation for the securities that expired on Dec. 24.

It also said that the remainder of the credit facility proceeds will be used to repay borrowings under SBA's existing $195 million senior secured credit facility and for general corporate purposes.

The proposed new facility consists of a $75 million revolving credit facility maturing in July 2008 and a $275 million term loan maturing in October 2008.

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