Daily News: April 12, 2018

TD Upsizes SBA Communications Facility to $3.65B


SBA Communications amended its credit facility, increasing the revolver from $1 billion to $1.25 billion and adding a new $2.4 billion term loan.

According to a related 8-K filing, TD Bank (Texas) served as administrative agent on the transaction. TD Securities and Mizuho Bank served as joint lead arrangers. TD Securities, Mizuho Bank, Barclays Bank Citigroup Global Markets, Deutsche Bank Securities, JPMorgan Chase Bank and Wells Fargo Securities were joint book runners.

According to the terms of the 2018 refinancing amendment, amounts borrowed under the revolving credit facility accrue interest, at the borrower’s election, at either the Eurodollar rate plus a margin that ranges from 1.125% to 1.750% or the base rate plus a margin that ranges from 0.125% to 0.750%, in each case based on the borrower’s leverage ratio. Upon the closing, amounts borrowed under the revolving credit facility will initially accrue interest, at the borrower’s option, at the Eurodollar rate plus 1.5% or the base rate plus 0.5%. All amounts borrowed under the revolving credit facility will mature on April 11, 2023.

The proceeds from the term loan were used to retire the outstanding $1.93 billion in aggregate principal amount of existing term loans, pay down the existing outstanding balance under the revolving credit facility, and for general corporate purposes. The term loan was issued at 99.75% of par value and will mature on April 11, 2025.

Greenberg Traurig acted as outside legal counsel for SBAC.

Boca Raton, FL-based BA Communications owns and operates wireless infrastructure, including small cells, indoor/outdoor distributed antenna systems and traditional cell sites that support antennas for wireless communications.