BOCA RATON, Fla.-SBA Communications Corp. has received approval to amend its $300 million senior credit facility.
With the amendment, the “going concern” qualification expected from auditors on its 2002 financial statements is waived, as are certain financial covenants that were possible in the first quarter of 2003. The amendment also modifies and waives certain financial covenants through March 31, 2005.
Finally, it allows for the pending sale of up to 801 towers to AAT Communications Corp. to take place. If, at minimum, 679 towers are sold, the company believes it will be in full compliance with its amended senior credit facility throughout 2003. If all 801 towers are sold, the senior credit facility will be reduced to $120 million.
