SBAC · 8-K · 20261102PR443666
Liquidity and Debt Position
SBA COMMUNICATIONS CORP · 2026-11-02 · Importance 64 · Surprise 42 · No source text
At September 30, 2026, SBA reported $13.0 billion of total debt, $6.5 billion of secured debt, $0.5 billion of cash, restricted cash and short-term investments, and $12.5 billion of net debt. Net Debt and Net Secured Debt to Annualized Adjusted EBITDA leverage ratios were 6.4x and 3.1x, respectively. In July, SBA issued $3.5 billion of unsecured senior notes at a blended 5.113% rate and used proceeds to repay $1.0 billion of revolver borrowings and $2.2 billion of term loans. It established a $2.5 billion commercial paper program backed by the expanded $2.5 billion revolving facility; no amounts were outstanding under either program as of the release date.
Key facts
- SBA established a $2.5 billion commercial paper program. source
- SBA entered into an expanded $2.5 billion senior unsecured revolving credit facility with a maturity date of July 23, 2031. source
- SBA’s commercial paper program permits up to $2.5 billion of notes outstanding at any time, with maturities no longer than 397 days; proceeds are for general corporate purposes and the program is backed by unused revolving credit commitments. source
- In Q3 2026, SBA received $3,445.873 million in net proceeds from senior note issuance and repaid $2,248.250 million of term loans. source
- SBA Communications Corp's 2024-1C Tower Securities debt was $1,450,000 thousand as of September 30, 2026. source
- SBA Communications Corp's total secured debt was $6,475,000 thousand as of September 30, 2026. source
- SBA Communications Corp's 2020 Senior Notes were $1,500,000 thousand as of September 30, 2026. source
- SBA Communications Corp's 2021 Senior Notes were $1,500,000 thousand as of September 30, 2026. source
Impact estimates
| metric | direction | stage | expected | basis |
|---|---|---|---|---|
| cash | positive | realized | +29.4% | In Q3 2026, SBA received $3,445.873 million in net proceeds from senior note issuance and repaid $2,248.250 million of term loans. |
| liability | positive | realized | +27.3% | Proceeds from SBA’s senior notes repaid $1.0 billion outstanding under its then-existing revolving credit facility and $2.2 billion under… |
| cash | negative | realized | -27.3% | Proceeds from SBA’s senior notes repaid $1.0 billion outstanding under its then-existing revolving credit facility and $2.2 billion under… |
| cash | negative | realized | -19.1% | In Q3 2026, SBA received $3,445.873 million in net proceeds from senior note issuance and repaid $2,248.250 million of term loans. |
| liability | positive | realized | +19.1% | In Q3 2026, SBA received $3,445.873 million in net proceeds from senior note issuance and repaid $2,248.250 million of term loans. |