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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 5, 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 (I.R.S. Employer
incorporation or organization) Number 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 2 Other Events
SBA Communications Corporation announced it had received the requisite
consent from the holders of its 12% senior discount notes to increase
certain categories of permitted indebtedness from $175 million to $300
million. SBA also announced that it had received firm commitments from
certain lenders within the syndicate comprising its existing $175
million senior credit facility to amend and expand such facility to
$300 million. The $125 million increase will be made available in the
form of a $50 million term loan and a $75 million increase to the
company's existing $150 million revolving line of credit. The other
terms, conditions, covenants, interest rates and availability
requirements of the increase are expected to be materially the same as
those of the existing senior credit facility. Closing of the amendment
and expansion of the existing senior credit facility is subject to
documentation and other customary closing conditions and is expected
to occur in December 1999.
SBA will host a conference call Friday, November 12 at 10:00 a.m.
Eastern Time to discuss its financial results for the quarter ended
September 30, 1999. The conference call number is (800) 230-1092.
Item 7 Financial Statements and Exhibits
(c) Exhibits
99.1 Press release dated November 3, 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 5, 1999 /s/ Jeffrey A. Stoops
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Jeffrey A. Stoops
Chief Financial Officer
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[LOGO OF SBA COMMUNICATIONS]
NEWS
For additional information:
Jeffrey A. Stoops
Chief Financial Officer
(561) 995-7670
FOR IMMEDIATE RELEASE
SBA COMMUNICATIONS CORPORATION ANNOUNCES $125 MILLION OF
ADDITIONAL FINANCING
BOCA RATON, FLORIDA, November 3, 1999 (NASDAQ: SBAC) - SBA Communications
Corporation ("SBA") announced today that it had received the requisite consent
from the holders of its 12% senior discount notes to increase certain categories
of permitted indebtedness from $175 million to $300 million. SBA also announced
that it had received firm commitments from certain lenders within the syndicate
comprising its existing $175 million senior credit facility to amend and expand
such facility to $300 million. The $125 million increase will be made available
in the form of a $50 million term loan and a $75 million increase to the
company's existing $150 million revolving line of credit. The other terms,
conditions, covenants, interest rates and availability requirements of the
increase are expected to be materially the same as those of the existing senior
credit facility. Closing of the amendment and expansion of the existing senior
credit facility is subject to documentation and other customary closing
conditions and is expected to occur in December 1999.
"We are extremely pleased with the continued support and confidence from the
capital markets in our business," commented Steve Bernstein, SBA's Chief
Executive Officer. "This additional funding will provide us with substantially
all, to all, of the financing we need to execute our year 2000 business plan and
additional tower goals. We look forward to continuing the progress we have
demonstrated in 1999 in building, acquiring and leasing quality tower assets."
SBA also announced that it will host a conference call Friday, November 12 at
10:00 a.m. Eastern Time to discuss its financial results for the quarter ended
September 30, 1999. The conference call number is (800) 230-1092.
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.
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Information Concerning Forward-Looking Statements
Some information in this release is forward looking. These forward-looking
statements may be affected by the risks and uncertainties in the company's
business. This information is qualified in its entirety by cautionary statements
and risk factors disclosure contained in certain of the company's Securities and
Exchange Commission filings. The company wishes to caution readers that certain
important factors may have affected and could in the future affect the company's
actual results and could cause the company's actual results for subsequent
periods to differ materially from those expressed in any forward-looking
statement made by or on behalf of the company. The company undertakes no
obligation to update forward-looking statements to reflect events or
circumstances after the date hereof.
