BOCA RATON, Fla.-The nation’s fifth largest tower company, SBA Communications Corp., said it obtained a $160 million credit facility. GE Capital Markets Inc. led the financing arrangements.
SBA noted the new facility replaces its prior facility, which became the mortgage loan underlying its recent $405 million mortgage-backed securities issuance. SBA said the new facility is set to mature Dec. 21, 2007 and provides more flexibility than the old one. The $160 million facility consists of a revolving loan which can be borrowed, repaid and redrawn.
“We are pleased to put in place a senior credit facility that will serve as an additional source of liquidity and provide us with more flexibility as we continue to grow our company,” commented Jeffrey Stoops, president and chief executive officer of SBA.
SBA is an independent owner and operator of about 3,200 towers located mostly in the Eastern United States.
