SBA Communications refinances $4.3B secured debt with $3.5B unsecured notes, new up to $2.5B revolver

Filed July 24, 2026 · Period ending July 23, 2026 · ~1 min read

Key Changes

• high

  Issued $3.5B senior unsecured notes across three tranches (4.875% 2030, 5.150% 2031, 5.450% 2033) and established new up to $2.5B unsecured revolver maturing 2031, shifting from secured to unsecured capital structure.

  Item 1.01 verify on EDGAR →
• high

  Used proceeds to fully repay $2.3B secured term loan (originally due 2031) and all outstanding borrowings under prior $2.0B secured revolver (originally due 2029), terminating the $4.3B prior credit facility.

  Item 1.02 verify on EDGAR →
• medium

  New credit facility requires Consolidated Total Net Leverage Ratio ≤7.50x (or 8.00x for four quarters post-acquisition) and Consolidated Senior Secured Leverage Ratio ≤3.50x.

  Item 1.01 verify on EDGAR →