SBA Communications Corp Issues New Securities and Amends Loan Agreement

Summary

On October 11, 2024, SBA Communications Corp issued $1.45 billion aggregate principal amount of Secured Tower Revenue Securities, Series 2024-1C, and $620.0 million aggregate principal amount of Secured Tower Revenue Securities, Series 2024-2C. SBA Guarantor LLC also purchased $108.7 million principal amount of Secured Tower Revenue Securities, Series 2024-1R to satisfy risk retention requirements. The net proceeds from the offering were approximately $2.057 billion. The offering was used to repay existing securities, pay fees, and make a cash distribution to SBA Guarantor. Additionally, SBA Properties, LLC and other affiliates entered into an Eleventh Loan and Security Agreement Supplement, increasing the outstanding principal amount of the mortgage loan by $2.18 billion. The Borrowers became jointly and severally liable for the aggregate $8.8 billion under the Mortgage Loan.