NEW YORK-SBA Communications Corp., a Boca Raton, Fla., owner of wireless communications towers, plans to go public in June via an offering of 11.54 million shares in an expected price range of $12 to $14 each.
Lehman Brothers Inc., New York, is lead underwriter of the planned sale of common stock, which will trade on Nasdaq.
SBA owns and operates approximately 600 wireless antenna towers in 34 states. It also buys and builds towers, often in build-to-suit agreements for carriers, including AT&T Wireless Services Inc., Nextel Communications Inc., PrimeCo Personal Communications L.P. and Sprint PCS, its largest customer. In these build-to-suit arrangements, SBA retains ownership of the tower and the rights to lease space on it to additional tenants.
