SBA Communications completed a $3.5 billion issuance of senior unsecured notes and established a new $2.5 billion unsecured revolving credit facility, using note proceeds to fully repay its secured term loan and outstanding borrowings under its prior secured revolver. The notes, due in 2030, 2031 and 2033, carry fixed coupons and include standard covenants and change-of-control protections. Concurrently, the company terminated its prior secured credit agreement after repayment, shifting its capital structure toward unsecured debt and expanding committed liquidity.
Agreement 1: SBA Communications Raises $3.5 Billion in Senior Notes to Refinance Secured Debt
- Agreement type: Indenture for $3.5 billion senior unsecured notes (2030, 2031, 2033)
- Counterparty: U.S. Bank Trust Company
- Signed / Effective: Jul 23 2026 / same
- Duration / Termination: To maturities in 2030, 2031 and 2033
- Reason: Refinance secured term loan and revolver; enhance liquidity
Agreement 2: SBA Communications Secures New $2.5 Billion Unsecured Revolving Credit Facility With Wells Fargo
- Agreement type: Senior unsecured revolving credit facility
- Counterparty: Wells Fargo Bank and other lenders
- Signed / Effective: Jul 23 2026 / same
- Duration / Termination: 5 years
- Reason: Increase committed liquidity for general corporate purposes
Agreement 3: SBA Communications Terminates Prior Secured Credit Agreement After Repaying All Borrowings
- Agreement terminated: Third Amended and Restated Senior Credit Agreement (revolver and term loan)
- Counterparty: Toronto Dominion (Texas) and other lenders
- Original agreement date: Jan 25 2024
- Termination date: Jul 23 2026
- Termination type: Early
- Exit fees / payments: None
- Reason: Replaced with new unsecured facility; repaid with note proceeds
Original SEC Filing:
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