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SBA Communications unit to sell $640M of secured tower revenue securities

A subsidiary of wireless communications infrastructure operator SBA Communications Corp. agreed to sell $640 million of series 2018-1C secured tower revenue securities.

The securities will have an anticipated repayment date of March 2023, a final maturity date of March 2048 and an annual interest rate of 3.448%. Closing of the offering is expected to take place on or about March 9.

SBA plans to use the net proceeds to make a cash distribution to SBA Guarantor LLC, which will further distribute such amount to other SBA entities, to be used, in combination with borrowings under the company's revolving credit facility, to repay the entire $425.0 million aggregate principal amount of the series 2013-1C secured tower revenue securities and $330.0 million of the series 2013-1D secured tower revenue securities.

Deutsche Bank Trust Co. Americas is the trustee. Barclays Capital Inc., Deutsche Bank Securities Inc. and Wells Fargo Securities LLC are the representatives of the initial buyers of the securities.