SBAC · 10-Q · 2026Q2 · Full report

Long-term Debt Issuance

SBA COMMUNICATIONS CORP · 2026-08-06 · Importance 71 · Surprise 60 · In source text

On July 23, 2026, SBA Communications issued $3.5 billion of unsecured senior notes in three tranches due from 2030 to 2033, with coupons ranging from 4.875% to 5.450% and a blended coupon of 5.113%. Net proceeds repaid $1.0 billion outstanding under the Revolving Credit Facility and $2.2 billion under the 2024 Term Loan, with remaining proceeds used for general corporate purposes. The refinancing generated $23.5 million of financing fees and caused the company to expense $16.1 million of deferred financing fees plus $4.0 million of debt discount. SBA also replaced its existing credit agreement with a $2.5 billion unsecured revolving facility maturing July 23, 2031, with current borrowing costs of Term SOFR plus 100 basis points and a 0.11% unused commitment fee.

Key facts

• On July 23, 2026, we issued an aggregate $3.5 billion of unsecured senior notes in three tranches (the 2026 Senior Notes). source
• $1.35 billion of 4.875% senior notes due January 15, 2030 (2026-1 Senior Notes) were issued at 99.333% of par value. source
• $1.35 billion of 5.150% senior notes due July 15, 2031 (2026-2 Senior Notes) were issued at 99.086% of par value. source
• The 2026 Senior Notes have a blended coupon rate of 5.113% and a weighted average maturity of 4.9 years. source
• $0.8 billion of 5.450% senior notes due July 15, 2033 (2026-3 Senior Notes) were issued at 98.924% of par value. source
• Interest on the 2026 Senior Notes is payable semi-annually beginning January 15, 2027. source

Impact estimates