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NEWS
FOR IMMEDIATE RELEASE
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SBA COMMUNICATIONS CORPORATION FILES
REGISTRATION STATEMENTS
SBA COMMUNICATIONS CORPORATION (NASDAQ: SBAC); BOCA RATON, FLORIDA,
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July 13, 2000
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SBA Communications Corporation (Nasdaq: SBAC) announced today that it has filed
two registration statements with the Securities and Exchange Commission pursuant
to Rule 415 under the Securities Act of 1933, as amended.
SBA has filed a "universal shelf" registration statement. Once this registration
statement has become effective, SBA may, from time to time, offer its debt
securities, which may be senior or subordinated, shares of its Class A common
stock, shares of its preferred stock, depositary shares and warrants to acquire
any of the foregoing (collectively, the "Securities"). The Securities may be
offered, separately or together, in separate series, in amounts, at prices and
on terms to be set forth in the prospectus contained in this registration
statement, and in one or more supplements to this prospectus, and may only be
offered pursuant thereto. This registration statement is intended to provide the
company flexibility to raise up to $500 million from the offering of the
Securities, subject to market conditions and SBA's capital needs. Net proceeds
from this offering will be used by SBA to finance the construction and
acquisition of towers and related businesses, repay outstanding debt and for
general working capital purposes.
SBA has also filed a shelf registration statement in connection with the resale
of 868,685 shares of SBA Class A common stock by certain selling shareholders.
The Class A common stock was originally issued to the selling shareholders in
private placements. The Class A common stock may be sold in one or more
transactions at fixed prices, at prevailing market prices at the time of sale,
at prices related to such prevailing market prices, at varying prices determined
at the time of sale, or at negotiated prices. SBA will not receive any proceeds
from the sale of the Class A common stock offered through this registration
statement and prospectus.
The registration statements relating to these securities have been filed with
the Securities and Exchange Commission but have not yet become effective. These
securities may not be sold nor may offers to buy be accepted prior to the time
the registration statements become effective. Any securities offered pursuant to
the registration statements will only be offered pursuant to a prospectus
supplement meeting the requirements of the Securities Act of 1933. This press
release shall not constitute an offer to sell or a solicitation of an offer to
buy nor shall there be any sale of these securities in any state in which such
offer, solicitation or sale would be unlawful.
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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 14,000 antenna
sites in the United States.
For further information, please contact: Jeffrey A. Stoops, President, at
561-995-7670.
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. Such factors include, but are not
limited to, (1) our ability to secure as many site leasing tenants as planned;
(2) our ability to expand our site leasing business and maintain or expand our
site development business; (3) our ability to complete construction of new
towers on a timely and cost-efficient basis, including our ability to
successfully address zoning issues, carrier design changes, changing local
market conditions and the impact of adverse weather conditions; (4) our ability
to identify and acquire new towers, including our capability to timely complete
due diligence and obtain third party consents; (5) our ability to retain current
lessees on newly acquired towers; (6) our ability to realize economies of scale
for newly acquired towers; (7) the continued dependence on towers and outsourced
site development services by the wireless communications industry; (8) our
ability to compete effectively for new tower opportunities and site development
services in light of increased competition; (9) our ability to raise substantial
additional financing to expand our tower holdings; and (10) our ability to
fulfill the terms of financing set forth in the "universal shelf" registration
statement. With respect to proposed acquisitions, a number of factors including
without limitation ongoing due diligence, third party consents and the lack of
definitive documentation will affect the timing of consummation or whether such
acquisitions are ever consummated (of which there can be no assurance). With
respect to pending new tower build projects, a number of factors will affect the
timing and number of new build completions, including without limitation zoning
difficulty, carrier design changes, changing local market conditions and
weather. The company undertakes no obligation to update forward-looking
statements to reflect events or circumstances after the date hereof.
