BOCA RATON, Fla.-SBA Communications Corp. is launching a new $350 million senior secured credit facility that will consist of a $75 million revolving credit facility to mature July 2008 and a $275 million term loan to mature October 2008.
SBA plans to borrow from the new credit facility to repay borrowings under its existing $195 million senior secured credit facility and for general corporate purposes. The company also plans to use a portion of the proceeds to call the remaining $65.7 million of its 12-percent senior discount notes March 1.
SBA’s stock has skyrocketed this week, trading as high as $5.24 on Tuesday-20 cents above the company’s previous 52-week high. American Tower Corp. and Crown Castle International Corp. both surpassed their previous 52-week highs last week. The companies were trading at $12.85 and $12.97, respectively, per share, at press time Tuesday.
