LAKE CHARLES, La.-US Unwired Inc. sold 127 of its towers in Louisiana, Texas and Arkansas to SBA Communications Corp. for about $40 million.
SBA paid $313,000 per tower, and US Unwired said it will lease space on the towers for an initial monthly fee of $1,500 per site under a long-term lease agreement with 4-percent annual increases in subsequent years.
“We have structured the transaction such that our obligation to SBA will be classified as an operating lease, so the sale will not result in increased debt for US Unwired. Also, a substantial portion of US Unwired’s gain from the sale will be deferred and amortized over 10 years,” said Jerry Vaughn, chief financial officer for US Unwired. The deal also gives SBA the option to buy 173 other towers by April, and another 100 towers by Dec. 31.
