FORT LAUDERDALE, FL – April 12, 2018 – Greenberg Traurig, P.A. Corporate Shareholder Kara L. MacCullough led a team of attorneys representing SBA Communications Corporation (Nasdaq: SBAC) and its wholly owned subsidiary SBA Senior Finance II LLC in obtaining a new $2.4 billion, seven-year senior secured term loan. The term loan, which was announced today, was issued at 99.75 percent of par value and will mature in April 2025.
Greenberg Traurig also represented the company in connection with amending its revolving credit facility to increase total commitments under the facility from $1.0 billion to $1.25 billion.
The proceeds from the term loan were used to retire SBA’s outstanding $1.93 billion term loans, pay down the existing outstanding balance under the company’s revolving credit facility, and for general corporate purposes. The amendments to the revolving credit facility extended the maturity date to April 2023 and lowered the interest rate.
“The new financing is exemplary of the confidence that lenders have in SBA Communications,” said MacCullough, who focuses her practice on advising public and private companies on corporate and securities law issues surrounding corporate finance transactions and mergers and acquisitions. She has served as issuer's counsel in connection with over $15 billion in financings by public companies in the past three years. “The terms of the financing are particularly advantageous to the company. The financing increases the company’s liquidity position, reduces its weighted average interest rate, and provides it with increased flexibility through improved borrowing terms, including more flexible covenants and increased baskets.”
SBA’s term loan bears interest, at the company’s election, at either the base rate plus 1.00 percent per annum or the eurodollar rate plus 2.00 percent per annum. The revolving credit facility consists of a revolving loan under which up to $1.25 billion aggregate principal amount may be borrowed, repaid and redrawn, subject to compliance with specific financial ratios and the satisfaction of other customary conditions to borrowing. TD Securities and Mizuho Bank acted as joint lead arrangers in the transaction. Simpson Thacher was lender's counsel.
In addition to MacCullough, the Greenberg Traurig team of attorneys included Atlanta Banking & Financial Services Shareholder Timothy W. Bratcher, Boston Corporate Shareholder William C. Donovan, and Fort Lauderdale Corporate Associates Grant J. Levine and John B. Meyer.
About Greenberg Traurig, LLP
Greenberg Traurig, LLP (GT) has more than 2,000 attorneys in 38 offices in the United States, Latin America, Europe, Asia and the Middle East. GT has been recognized for its philanthropic giving, was named the largest firm in the U.S. by Law360 in 2017, and is among the Top 20 on the 2017 Am Law Global 100. Web: www.gtlaw.com Twitter: @GT_Law.
Greenberg Traurig also represented the company in connection with amending its revolving credit facility to increase total commitments under the facility from $1.0 billion to $1.25 billion.
The proceeds from the term loan were used to retire SBA’s outstanding $1.93 billion term loans, pay down the existing outstanding balance under the company’s revolving credit facility, and for general corporate purposes. The amendments to the revolving credit facility extended the maturity date to April 2023 and lowered the interest rate.
“The new financing is exemplary of the confidence that lenders have in SBA Communications,” said MacCullough, who focuses her practice on advising public and private companies on corporate and securities law issues surrounding corporate finance transactions and mergers and acquisitions. She has served as issuer's counsel in connection with over $15 billion in financings by public companies in the past three years. “The terms of the financing are particularly advantageous to the company. The financing increases the company’s liquidity position, reduces its weighted average interest rate, and provides it with increased flexibility through improved borrowing terms, including more flexible covenants and increased baskets.”
SBA’s term loan bears interest, at the company’s election, at either the base rate plus 1.00 percent per annum or the eurodollar rate plus 2.00 percent per annum. The revolving credit facility consists of a revolving loan under which up to $1.25 billion aggregate principal amount may be borrowed, repaid and redrawn, subject to compliance with specific financial ratios and the satisfaction of other customary conditions to borrowing. TD Securities and Mizuho Bank acted as joint lead arrangers in the transaction. Simpson Thacher was lender's counsel.
In addition to MacCullough, the Greenberg Traurig team of attorneys included Atlanta Banking & Financial Services Shareholder Timothy W. Bratcher, Boston Corporate Shareholder William C. Donovan, and Fort Lauderdale Corporate Associates Grant J. Levine and John B. Meyer.
About Greenberg Traurig, LLP
Greenberg Traurig, LLP (GT) has more than 2,000 attorneys in 38 offices in the United States, Latin America, Europe, Asia and the Middle East. GT has been recognized for its philanthropic giving, was named the largest firm in the U.S. by Law360 in 2017, and is among the Top 20 on the 2017 Am Law Global 100. Web: www.gtlaw.com Twitter: @GT_Law.