SBA adds 430 towers through TowerCo deal

SBA Communications Corp. said it will spend up to $193.5 million for as many as 430 towers in the United States from TowerCo L.L.C.
SBA said it will use cash on hand as well as drawing on its existing $335 million line of credit for the towers, which have an average of 1.5 tenants each. The final price will be determined at closing, which is expected by the end of May.
TowerCo said it will continue to develop, acquire and lease communications towers.
Raymond James analyst Ric Prentiss described the deal as “good news, but not phenomenal news” for SBA, adding that the pact “does not move (the) needle much on ’08 numbers given the price paid.”