BOCA RATON, Fla.-SBA Communications Corp., a developer of build-to-suit wireless antenna sites, closed on the sale of $269 million in principal amount of 12-percent senior discount notes to mature in 2008, generating gross proceeds of $150 million.
Proceeds of the sale, which was underwritten by BT Alex Brown and Lehman Brothers, will be used primarily to invest in multitenant tower assets, said SBA. Combined with a $75-million senior credit facility the company expects to have in place by the end of the first quarter, SBA said it has sufficient capital to fully execute its business plan into 1999.
“We are pleased with the very favorable response Wall Street has given our note offering and our company,” said Steven E. Bernstein, president and chief executive officer of SBA. “By helping carriers deploy their networks on more attractive economic terms, we believe we are doing our part to help increase the availability and affordability of wireless communication services to the public.”
