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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934.
Date of Report November 1, 1999
SBA COMMUNICATIONS CORPORATION
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(Exact name of registrant as specified in its charter)
Florida 333-50219 65-0716501
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(State or other jurisdiction of Commission File Number (I.R.S. Employer
incorporation or organization) Identification No.)
One Town Center Road, Boca Raton, Florida 33486
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(Address of principal executive offices) (Zip code)
(561) 995-7670
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(Registrant's telephone number, including area code)
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Item 5 Other Events
SBA Communications Corporation ("SBA") announced a revision to
its consent solicitation relating to its $269,000,000 in
aggregate principal amount at maturity of 12% Senior Discount
Notes due 2008 (the "Notes").
SBA is soliciting consents to amend a portion of Section 4.09 of
the indenture, pertaining to the incurrence of indebtedness. The
proposed amendment, as currently revised, would permit the
Company to borrow, subject to certain availability tests, up to
$300 million of debt under senior credit facilities, up from the
$175 million currently permitted under the indenture. Under its
revised proposal, the Company is offering a cash consent payment
of 3.0% of the accreted value of the Notes to all holders of
record who consent to the proposed amendment on or prior to
October 28, 1999.
The consent solicitation is conditioned upon, among other things,
the receipt of consents from holders of at least two-thirds of
all outstanding Notes. The consent solicitation expires at 5:00
P.M., New York time, on October 28, 1999, unless extended. The
record date remains the close of business on October 7, 1999.
Lehman Brothers Inc. is serving as Solicitation Agent in
connection with the consent solicitation. D. F. King & Co., Inc.
is serving as Information Agent.
Item 7 Financial Statements and Exhibits
(c) Exhibits
99.1 Press release dated October 25, 1999
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned, thereunto duly authorized.
November 1, 1999 /s/ Jeffrey A. Stoops
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Jeffrey A. Stoops
Chief Financial Officer
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NEWS
For additional information:
Jeffrey A. Stoops
Chief Financial Officer
(561) 995-7670
FOR IMMEDIATE RELEASE
SBA COMMUNICATIONS CORPORATION ANNOUNCES REVISED CONSENT
SOLICITATION FOR ITS 12% SENIOR DISCOUNT NOTES DUE 2008
BOCA RATON, FLORIDA, October 25, 1999 (NASDAQ: SBAC) - SBA Communications
Corporation ("SBA") announced today a revision to its consent solicitation
relating to its $269,000,000 in aggregate principal amount at maturity of 12%
Senior Discount Notes due 2008 (the "Notes").
SBA is soliciting consents to amend a portion of Section 4.09 of the indenture,
pertaining to the incurrence of indebtedness. The proposed amendment, as
currently revised, would permit the Company to borrow, subject to certain
availability tests, up to $300 million of debt under senior credit facilities,
up from the $175 million currently permitted under the indenture. Under its
revised proposal, the Company is offering a cash consent payment of 3.0% of the
accreted value of the Notes to all holders of record who consent to the proposed
amendment on or prior to October 28, 1999.
The consent solicitation is conditioned upon, among other things, the receipt of
consents from holders of at least two-thirds of all outstanding Notes. The
consent solicitation expires at 5:00 P.M., New York time, on October 28, 1999,
unless extended. The record date remains the close of business on October 7,
1999.
Lehman Brothers Inc. is serving as Solicitation Agent in connection with the
consent solicitation. Questions regarding the terms of the consent solicitation
may be directed to the Solicitation Agent at Toll Free: 800-438-3242.
D. F. King & Co., Inc. is serving as Information Agent. Questions regarding the
delivery procedures for the consents and requests for additional copies of the
consent solicitation statement or related documents may be directed to the
Information Agent at Toll Free: 800-628-8528.
SBA is a leading independent owner and operator of wireless communications
infrastructure in the United States. SBA's primary focus is the construction of
new towers and acquisition of existing towers for its own account. Since it was
founded in 1989, SBA has participated in the development of over 13,000 antenna
sites in the United States. As of September 30, 1999, SBA owned 956 towers and
was involved in projects for over 700 new tower builds throughout the nation.
