Simpson Thacher Represents Underwriters in $284 Million Offering of Common Stock by SBA Communications Corporation
03.14.12
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The Firm represented Citigroup Global Markets Inc. and J.P. Morgan Securities LLC as underwriters in an offering of 6,005,000 shares of Class A common stock by SBA Communications Corporation (“SBA”), resulting in gross proceeds to SBA of approximately $284 million. SBA anticipates using the net proceeds from the offering (i) to redeem pursuant to the terms of the applicable indentures, $131.25 million in aggregate principal amount of its 8% senior notes due 2016 and $131.25 million in aggregate principal amount of its 8.25% senior notes due 2019 and to pay the applicable premium for the redemption and (ii) for working capital purposes. The offering closed on March 13, 2012.
SBA Communications Corporation is an independent owner and operator of wireless communications towers whose primary focus is the leasing of antenna space on its multi-tenant towers to a variety of wireless service providers under long-term lease contracts in the United States, Canada and Central America.
The Simpson Thacher team included Risë Norman, Vanessa Browder and Fan Wei (Capital Markets); Jackie Kahng (Credit); Seojung Park and Jodi Sackel (Tax); Tim Mulvihill (Environmental); Jeanne Annarumma and Douglas Tang (Executive Compensation and Employee Benefits), Krista McManus (Real Estate), Keren Siman-Tov (IP) and Andrew Pagliughi (FINRA and Blue Sky).