SBA Communications to redeem 8% senior notes via securities proceeds

By Ashley Montgomery

Kansas City, Kan., July 27 - SBA Communications Corp. plans to use the proceeds from subsidiary SBA Tower Trust's issue of revenue securities to redeem all $244 million of its 8% senior notes due 2016, according to a news release.

SBA Tower Trust priced $610 million of series 2012-1 secured tower revenue securities due 2042 on Friday. The offering is expected to close Aug. 9.

Proceeds will also be used for the company's acquisition of Towerco and for general corporate purposes.

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

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